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New Stimulus Bill Unlocks IRA and 401(k) Dollars for Financially Affected

by | Mar 31, 2020

New Stimulus Bill Unlocks IRA and 401(k) Dollars for Financially Affected

From my article on Entrepreneur.

The coronavirus stimulus bill signed into law on March 27 creates new exceptions that allow 401(k) and IRA owners affected by the pandemic to tap into their retirement accounts early. The new law increases the dollar amount you can loan yourself from your own 401(k) from $50,000 to $100,000 and also creates a penalty-free early distribution rule whereby IRA or 401(k) account owners under age 59-and-a-half can take a penalty-free retirement account distribution of up to $100,000. Read the article on Entrepreneur here.

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