With the recent passing of the Consolidated Appropriations Act, the 401k CARES Act withdrawal program has been extended.

This extends the much-needed CARES Act program as it relates to 401k hardship withdrawals and 401k loans for another 6 months. CARES Act 2020 401k Withdrawal Updates – Effective March 27, 2020, you can take a 401k CARES Act withdrawal of up to the lesser of 0,000 or 100% of your vested 401(k) Plan account balance. You also have the ability to take a hardship withdrawal from the 401(k) plan that is exempt from the normal 10% early withdrawal penalty and repayable within three years.

**Original Video** – 401k CARES Act Withdrawal vs. Normal 401k Withdrawal | Should You Take A 401k Withdrawal? – https://youtu.be/sNU-mTOV6Mg

0:00 – Intro
2:02 – Ways to access the funds in your 401k
3:15 – Limits of 401k CARES Act hardship withdrawals and 401k CARES Act loans
4:20 – What can the funds of a 401k CARES Act withdrawal be used for
5:09 – Who is eligible to receive a 401k CARES Act withdrawal
7:13 – When is the deadline for the 401k CARES Act Program
7:44 – Differences between a 401k CARES Act withdrawal and 401k CARES Act loan
11:01 – Consequences of taking money out of your 401k
13:00 – Outro

********************************************

My Video Creation Gear: https://kit.co/becomingffit/becoming-financially-fit-video-gear

********************************************

SUBSCRIBE to the channel to stay updated anytime new videos are posted: https://www.youtube.com/channel/UCP2rSRcug24ppIYGflKbLsQ?sub_confirmation=1

********************************************

Becoming Financially Fit Blog: https://thefinancialliteracy.com/

********************************************

Social Media:
Facebook: https://www.facebook.com/BecomingFFit/
Instagram: https://www.instagram.com/becomingffit/
Twitter: https://twitter.com/BecomingFFit
LinkedIn: https://www.linkedin.com/company/becoming-financially-fit
YouTube: https://www.youtube.com/channel/UCP2rSRcug24ppIYGflKbLsQ?sub_confirmation=1

********************************************

#401kCARESActWithdrawal #401kWithdrawal #CARESAct
Video Rating: / 5