The US Congress’s Plan to Let 401(k) Account Holders Take out of Their Accounts Without Penalties

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For different purposes, many 401(k) account holders seek to withdraw cash from their retirement plans to meet other pressing needs. While it is not advisable to take out of your retirement accounts, 401(k)s have a penalty fee for early withdrawal.The current coronavirus pandemic presents a tangible reason for many to touch their 401(k) retirement accounts especially those with no other form of passive income or savings. As a result of this, the US Senate is putting into consideration the possibility of allowing 401(k) account holders to make a “hardship distributions” of up to $100,000.The hardship withdrawal allows permits account holders…
Source: The US Congress’s Plan to Let 401(k) Account Holders Take out of Their Accounts Without Penalties

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