Posted on 06/19/2020 4:13:50 PM PDT by Kenny Bania
More people will be eligible to take a $100,000 coronavirus-related distribution from their retirement account.
The IRS released guidance on Friday which details new rules for individuals affected by Covid-19 to take a withdrawal from a 401(k) plan or an individual retirement account.
The CARES Act allows savers to take coronavirus-related distributions – emergency withdrawals – of up to $100,000 from their retirement plans and IRAs. And those who are under age 59½ can access the money without the usual 10% early withdrawal penalty.
(Excerpt) Read more at cnbc.com ...
A person would be best advised to chat with a reputable advisor before making any decisions. But be very careful who you consult with.
Totally agree.
I would pay my mortage off in an instant if I could withdraw money without getting taxed on it.....win win for us....
I had to raid a couple retirement accounts during the time of the wun.
Hardly any jobs at the time.
Never again.
Zero, zilch, nada.
Getting your retirement funds redirected into real estate will still earn you money longterm.
There should be no penalties period. It is not as if social security will be solvent by the time you are eligible to collect!
I’m not worried about ME taking 100 grand out of my account. I’m worried about the scammer who says he’s me taking it out.
DON’T RAID IT? 5 menial jobs before going to it? If I take out $50k/yr it will last 25 years until age 91. Someone thinks I’ll live that long. I hope not. Live your life. I say no tax on a hundred k. Watch everyone splurge. There’s plenty of wine, women and song out there.
You sure they are not saying get it now before the Dems get in power?
-Selling low; you’d be missing out on future growth
-Still taxed as income and may put you in a higher bracket
-Stupid move; take out a loan.
I already read past the part of the article which SHOULD have addressed my question. It started reading like a tale told by an idiot, so I stopped.
I did it and am extremely happy with my return to far.
Darla apologizes.
ALL grocery stores are hiring!!
Real estate could be a good investment BUT not as a rental right now with governors making everything rent free screwing the landlords!!
You have to be really careful putting your money into real estate right now. Owners haven’t felt the real pinch yet and they’re still keeping their asking price high.
I know a few landlords who are shocked right now because they haven’t been able to rent their apartments since March. They are people who have good properties in highly desirable neighborhoods. They’ve never had trouble in more than ten years renting their places but can’t rent them now.
If you’re looking to buy rental property, think about who you might rent to. There are some companies who are having 90% of their employees work from home. There are schools that won’t open. The students, the faculty, the post-docs - they’re not going to be renting.
Some very experienced landlords are having a hard time right now. If this continues there might be some bargains out there.
I agree in our case we inherited a very old historic home in Tyler as you can imagine it needs resources for siding plumbing work even with my hubby doing much labor on it... we have been at it for over 3 years. This house could rent if we get it r day however the real goal is retirement home. So we can rent or not rent...nonetheless less our long term goal is to finish it up. In Houston we have a rental that has not missed a beat the entire time a perfect tenant.
So paying off the bank with a few thousand is better to us than playing Wall St. we believe Tyler will grow and grow as Texas watches the big cities go blue and too big.
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