Penalty-Free Nest Egg Withdrawals Under CARES Act? Not So Fast!
Although the CARES (Coronavirus Aid, Relief and Economic Security) provides some pretty tempting incentives allowing you to tap your tax-deferred retirement nest egg early, that is a decision that should be very carefully evaluated before acting. True, you may be able to take a loan on your retirement account and defer repayment, or even withdraw funds early without the normal 10% IRS early withdrawal penalty, but there are specific qualifications you must meet to be able to use these special rules. This article by Michelle Singletary, appearing in The Washington Post, offers guidance on whether you can and how you might take advantage of these CARES Act feature. Click here to read more.