Withdrawal rules on retirement funds loosened for Irma victims
The rules for withdrawing money from retirement accounts such as 401(k)s are normally fairly strict and carry penalties if they are abused. But for those who live in areas that were affected by Hurricane Irma, the IRS has temporarily loosened the rules to allow some of those retirement funds to be used for recovering from an “unforeseen emergency”, such as Irma was. Many financial planners would caution against using retirement funds for this purpose due to the impact upon your future golden years, but when no other remedy is available there may be no choice. This Forbes article by Ashlea Ebeling explains how and why the IRS is bending the rules for Hurricane Irma victims. Click here to read more.