The coronavirus prompted the government to loosen rules on tapping retirement savings. So should you or shouldn't you tap on your retirement savings?
The CARES Act provides relief to businesses, but also includes new rules that impact your retirement accounts. I asked local financial professional Brad Zucker from Safe Money Advisors on how this would affect you.
CARES Act Impact on Retirement Savers:
- No RMDs in 2020
- Penalty-Free Retirement Account Withdrawals
- Opportunity for Roth Conversions