Changes In Laws To Help Retirees' and Pre-retirees' Finances

OneEyedDiva

OneEyedDiva

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New Jersey
Under the new CARES Act:
~RMDs suspended for 2020 (and tax free direct to charity donations of RMDs remains)
~Penalty free withdrawals from retirement plans on up to $100,000
~The max amount one can borrow from 401K doubles to $100,000
~The deadline for making 2019 contributions to an IRA (but not a 401K) extended to July 15th
https://www.usatoday.com/story/mone...-relief-during-coronavirus-crisis/2950518001/
 

Yeh I heard some of that. One thing to keep in mind though with early withdrawals is that many will be taxable as income. Still wind up paying the government,
 
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