Typically, the penalty for withdrawing from a 401(k) before the age of 59½ is 10% of the distribution, plus an automatic withholding of at least 20% for taxes. But with the passage of the CARES Act, that all changes in 2020. The Coronavirus Aid, Relief and Economic Security Act, which allocates $2 trillion toward economic...
The article Cashing Out a 401(k) Due to COVID-19? Consider These Things First originally appeared on NerdWallet.
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