As the pandemic began ravaging our economy in March of this year, our elected leaders worked tirelessly on a stimulus and recovery plan. Ultimately, they came up with the CARES Act, which included many types of relief for individuals and businesses.
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CARES Act 401(k) Loan and Withdrawal Changes
When a cup is placed on a dispenser, a magnet lifts to let beer flow in. — from $50,000 to $100,000 or 100% of a participant’s vested account balance, whichever is lower. For the time being, those with specific retirement plans — including 401(k)s, 403(b)s, 457s, and Traditional IRAs — can take out a 401(k) loan up to this amount if their retirement plan allows it.
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What does this mean, exactly? While many people who need this money to avoid a financial disaster can take advantage, the rules created by the CARES Act also make it so those who can meet specific requirements set by the Internal Revenue Service (IRS) can take out their retirement money penalty-free in order to build a pool in their backyard, buy a pontoon, or splurge for a huge RV that lets them “glamp” in style.
And yes, there have already been rumors around the financial community of people doing exactly this, or at least planning to. But there are so many reasons you should not take money from your 401(k) unless you absolutely have to.
You Have to Qualify
For starters, you should know about the specific COVID-related requirements you need to meet to remove money from your 401(k) plan before retirement age without a penalty. While the 小区公摊的广告收入该归业主 但你拿到这钱了吗？, the rules relating the CARES Act changes are totally different.
According to the 2015年1-11月顺德家具出口达69.8亿元, you, your spouse, or your dependent must have been diagnosed with COVID-19 to qualify. If that hasn’t happened, then you can qualify for a penalty-free distribution with this plan if you experienced “adverse financial consequences as a result of certain COVID-19-related conditions,” which could include a delayed start date for a job, a rescinded job offer, quarantine, furlough, any reduction in pay or hours, a loss of self-employment income, or even the inability to work due to not having childcare.
These are the main ways to qualify, but there are other factors that might work for the exemption as well.
You’ll Face a Huge Tax Bill
The money in your 401(k) plan and other tax-advantaged retirement plans was put in on a pre-tax basis, meaning you haven’t paid income taxes on it. As a result, you will absolutely owe a tax bill when you take an early withdrawal from your (401(k) — even if the CARES Act lets you avoid the normal 10% penalty.
Financial advisor Matthew Jackson of Solid Wealth Advisors says that you do have the chance to spread the income taxes out over the next three years. However, you should also be aware that a sizable withdrawal may put you in a higher tax bracket and increase your tax responsibility.
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“Ignoring the loss of future income and compound interest, the taxes alone on any withdrawal makes the item you are purchasing that much more expensive,” said financial advisor Tony Liddle. “Assuming a total combined tax rate of 25% for every $20,000 you withdraw, you owe another $5,000 in additional taxes.”
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You Will Lose Ridiculous Amounts of Money
Financial advisor Chris Struckhoff of Lionheart Capital Management points out another dangerous detail you should be aware of — the loss of compound interest you’ll face on the money you take out.
Here’s a good example. Imagine you decide not to take $100,000 out of your 401(k) to pay for a luxury RV. Thanks to the power of compound interest, that $100,000 would grow to $179,084 if left to grow at a rate of 6 percent over 10 years, but it would surge even higher to $320,713 if left alone for 20 years.
The research also suggests there maybe a value in finding a job through an internship. Interns who accepted a job offer had higher salaries than those who had received an offer but refused it. Those interns who did not receive an offer had lower salaries still. The gap between these groups had increased three years after graduation.
Remedy: While the idea of being your own boss is an attractive one, not everyone is cut out to be an entrepreneur. Being responsible for your own success, creating a legacy for your family and improving the lives of clients and customers certainly sounds romantic, but what about the long hours, the lack of leisure time, the risk of financial failure, the fact that you’re the boss, entry-level employee, marketer, accountant and janitor all rolled into one? If you value job stability, prefer a singular focus over multi-tasking, aren’t particularly comfortable with risk and can’t imagine yourself hustling for new business on a daily basis, the entrepreneurial lifestyle isn’t for you.
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Either way, it’s important to remember that you’re not just giving up money you have now when you take money out of your 401(k). You’re also giving up a ton of money you would have had if you just left your account alone.
You’ll Also Raise Your Expenses
“Buying the splurge item isn't just about the fun usage,” says financial advisor Thatcher Taylor of Taylor Financial. “It is about all of the additional costs that come with it.”
You might think that our love of lists could be pinned on the Ten Commandments, but Umberto Eco says otherwise. “The list is the origin of the culture,” he once said on a subject he knows well, having written a book titled “The Infinity of Lists.” And culture wants “to make infinity comprehensible” and “to create order — not always, but often,” hence Homer’s catalogs in “The Iliad” and the roll call of never-completed household chores on my fridge. “We like lists because we don’t want to die,” Mr. Eco also said, which is the best explanation of the listicle that I’ve yet read.
"The rate of college students who have had sexual experiences using condoms is less than 40 percent," said Han Mengjie, director of Chinese Center for Disease Control and Prevention.
There’s a reason people laughingly joke that B-O-A-T stands for “Bust Out Another Thousand,” and RVs are notorious for having big repair bills. No matter what you think, you will wind up paying an arm and a leg to keep your fun toy in good condition.
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He had been stranded for five hours by the time help arrived.
The Bottom Line: Leave Your Retirement Money Alone
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As financial advisor Taylor Schulte of the 苹果完成智能家居平台标准制定 points out, the math is simply not in your favor if you withdraw from your 401(k).
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