Help! I Need My Money! Help! My 4-0-1K Money! IRS, Won’t You Please, Please Help Me?

Good morning Beautiful Women Supporting Women,

I switched it up…..AGAIN (now coming to you bright and early Monday morning! I must start getting some sleep now 🙂

Also, guess what song inspired today’s blog title? See all the way at the end for the answer.

Happy Monday to you! I hope you all had a wonderful weekend! I had the opportunity to do an impromptu Breast Cancer walk with a dear friend of mine for over 35 years. We put on our pink and black gear and walked around, laughing in the beautiful Shirley Chisolm Park in Brooklyn! Right after, I, alongside 3 fabulous, fellow entrepreneurs, delivered a Workshop that spoke about Budget, Credit and Debt! It’s all about helping people get back on their feet after this pandemic.

Today’s post will be about one of the updates to the CARES Act (Coronavirus Aid, Relief and Economic Security Act), as it pertains to your Retirement plan and withdrawing from it. When the CARES Act was originally introduced on March 27th, 2020, there were specific situational requirements that had to be met before the IRS would waive your 10%, under 59 1/2, withdrawal penalty. After re-evaluating the original list, the IRS has now added the following criteria, eligible for an up to $100K withdrawal from your Retirement plan, due to COVID:

  • People who had their job start date delayed
  • People who had their job offer rescinded
  • Spouse of individual facing “adverse financial consequences

While using your Retirement plan should be used as a last resort, some families do not have a choice in the matter. If you need to take advantage to survive, do what you must for you and your family. Unfortunately, we are oblivious to what the future holds.

If you have any additional questions, please feel free to post here or email me at: thefinancialcomforter@gmail.com

Next Up” A Chime Bank? – Who Knew This Bank Existed?

Thank you for reading!

Have a beautiful and blessed week.

Marsha

Changing the lives in our community….one family at a time

Song – The Beatles – HELP!

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