With millions out of work and struggling to pay bills, lots of people don’t know where to turn to find the money they need to cover day-to-day expenses and large unexpected costs, like medical bills. Many immediately think of tapping their retirement savings, such as 401(k)s and IRAs, something that generally isn’t advisable. The Cares Act does make it more enticing, allowing qualifying individuals to withdraw as much as $100,000 this year without the early-distribution penalty. The act also makes taxes paid on the distribution...

Source: Wall Street Journal August 08, 2020 09:56 UTC