The CARES Act has loosened up the rules for tapping retirement savings like 401(k)s or IRAs. Here's what's changed and what you need to consider.

The rules for tapping your IRA or 401(k) in 2020 Here’s a summary of the rules regarding distributions from retirement accounts if you’ve been affected by Covid-19: ...

While everyone's withdrawal plan will be slightly different, there are a few rules to keep in mind as you're determining how much you can safely withdraw from your 401(k) during retirement.

COVID-19 change: Congress made retirement funds more accessible by waiving the 10% penalty and by not requiring tax withholding (which normally applies) on up to $100,000 of withdrawals made in 2020.

For some people who've lost income to the coronavirus pandemic, retirement savings are the only source of emergency money. In passing the new federal stimulus package, called the CARES Act ...

Before COVID, early withdrawals from your retirement accounts came with stiff penalties. That's no longer the case. The CARES Act changed all of the rules about 401(k) withdrawals.

WITHDRAWALS. The CARES Act allows people affected financially by the coronavirus to withdraw up to $100,000 penalty free from eligible retirement accounts during 2020.

Understand the consequences of withdrawing money from a 401(k) or IRA retirement account for emergencies and create a plan to ...

For the uninitiated, 401(k) rules started to gel in the early 1980s and one tenet is that contributions to this type of retirement account are deducted from your pre-tax income and thereby tax-free.

My husband took a COVID distribution from his 401(k) in December of 2020. It was a big chunk and has increased our tax income bracket by a huge amount. For the first time, we had to pay taxes last ...