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April 20, 2020
Bills going through Congress and signed into law at the White House might alter your retirement in some significant ways, particularly as many of the changes relate to taking money from various retirement accounts.
A quick overview: For 2020, you are now able to waive your required minimum distribution for the year. This only applies to this year. Similarly, for this year, you can take a distribution of up to $100,000 from certain retirement accounts. This would be without the usual 10% early withdrawal penalty for those to whom that would ordinarily apply. For your workplace retirement account, you can take a loan of up to $100,000 (normally $50,000). With all of these actions, it’s important to note that these measures are intended to help those in dire financial need and, even then, should probably be taken with the help of your trusted retirement professional.2