{"id":1231,"date":"2020-06-30T14:26:51","date_gmt":"2020-06-30T18:26:51","guid":{"rendered":"https:\/\/www.thewealthguardians.com\/staging\/3023\/?p=1231"},"modified":"2022-01-07T12:52:02","modified_gmt":"2022-01-07T17:52:02","slug":"cares-act-modification-allows-more-retirement-savings","status":"publish","type":"post","link":"https:\/\/www.thewealthguardians.com\/staging\/3023\/cares-act-modification-allows-more-retirement-savings\/","title":{"rendered":"CARES Act Modification Allows More Retirement Savings…"},"content":{"rendered":"

<\/p>\"\"\n

Americans who have been adversely affected by the COVID-19 pandemic may now be able to access retirement accounts to help cover daily expenses, penalty-free.<\/p>\n

Now, in addition to those who have lost their jobs during the COVID-19 pandemic,\u00a0you may access your retirement funds without being subject to the 10 percent penalty if your income was reduced, or who\u2019ve had the start of a new job delayed.<\/strong>1<\/sup><\/strong><\/p>\n

The expanded guidelines also let people dip into their retirement accounts if they\u2019ve lost a job offer, or if their spouse\u2019s income was impacted as a result of the pandemic.2<\/sup><\/p>\n

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was designed to help Americans deal with the economic impacts of the COVID-19 pandemic.2<\/sup>\u00a0Under the CARES Act, the Internal Revenue Service has recently released updated guidelines that will allow more Americans to access money in their retirement accounts without penalty.<\/p>\n

Estimates project that up to 31 million Americans may access their retirement savings to help them weather the economic turbulence caused by the current global health crisis.3<\/sup><\/p>\n

\"\"<\/p>\n

>>CLICK HERE TO GET YOUR COPY OF OUR FREE GUIDE<\/em><\/strong><\/a><\/p>\n

It\u2019s important to remember that CARES Act funds must be used for coronavirus-related financial needs. Those taking advantage of these funds have up to three years to repay a pandemic-related distribution to undo any potential tax situation.<\/p>\n

The CARES Act is a complex piece of legislation, and the rules governing access to retirement accounts can be tricky to grasp. If you\u2019re considering taking advantage of the CARES Act, let\u2019s connect to discuss your overall financial situation and how you can pursue your goals. Give us a call at our Charlotte office at (704) 248-8549, or our Clemmons office at (336) 391-3409.<\/p>\n

\n

1. FoxBusiness.com, June 19, 2020
\n2. Treasury.gov, June 23, 2020
\n3. Forbes.com, June 23, 2020<\/p>\n

In most circumstances, once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA), 401(k) or other defined contribution plans. Withdrawals are taxed as ordinary income and, if taken before age 59\u00bd, may be subject to a 10% federal income tax penalty. However, that penalty may be waived under the CARES Act.
\nThe content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.<\/p>\n

<\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"

Americans who have been adversely affected by the COVID-19 pandemic may now be able to access retirement accounts to help cover daily expenses, penalty-free. 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