The CARES Act has made it possible for some people to be able to take early distributions from their retirement plans without penalty. While this can be very useful for some people, there still is a qualifying factor to it. All individuals taking distributions MUST self-certify that they have been adversely impacted by COVID-19. Don’t overlook that fact.
Here’s what I’ve been reading this morning:
- If you qualify for a CARES Act distribution and want to use that money for things around the house, think about potentially utilizing home equity first. Tom explains in this video why home equity is STILL a viable option for a lot of people, even after the SALT Act.
- Interest rates are currently at a super low mark, and have been for a while, and seemingly will be for a while too. But Michael approaches the topic of “what happens when they go back up?” because they absolutely WILL at some point.
- In general, the cost of investing in your 401(k) at work is lower than it was a handful of years ago. However, that doesn’t mean that your plan isn’t charging certain hidden fees making it just a little more expensive.
- The common worry from individual investors seems to have shifted from COVID-19 to the 2020 Presidential Election. In his latest post, Tom shares two points to consider when thinking about how your investments will do during this volatile time.