Posts Tagged ‘Stimulus’

Headline Image - Pros and Cons of Taking Coronavirus-related Distributions from Retirement Savings

The COVID-19 pandemic has undoubtedly shaken our economy to the core. Many businesses have struggled to keep their doors open which has caused unemployment claims to soar. Record unemployment, coupled with a populous that has an average household savings account of about $8,800[1], has many people looking to their retirement savings as a “piggy bank” for necessary funds to keep their heads above water.

Withdrawing retirement savings should be carefully considered, even in view of the loosening of restrictions around withdrawals as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act because any withdrawal can have a multiplying impact on long-term retirement goals. Read the rest of this entry »