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Did your 401(k) withdrawal cost you $46,000?
The CARES Act helped out those affected by COVID-19 by loosening the normal restrictions on 401(k) withdrawals, but months later, those distributions have turned out to be vastly more expensive than anyone would have predicted. Why? After the market crashed in March, share prices have grew by some 46 percent by November 30th of this year. If you had taken the maximum $100,000 distribution in early April, that withdrawal may have cost you as much as $46,000 in lost earnings. In the attached article appearing on www.foxbusiness.com, the author offers three steps you can take to minimize the damage and get your retirement plan back on course. Read article here…
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