Treece Talk: The CARES Act & Your 401(k)

The just-passed CARES Act offers short- to mid-term financial support to help you, including:

• 401(k) loan limits have increased from $50,000 to $100,000

• Required Minimum Distributions from IRAs and 401(k) plans (at age 72) are suspended.

• The CARES Act waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes, retroactive to Jan. 1.

But what should you do now? How should you handle your retirement money—especially if you are about to go into retirement now earlier than you expected. I’ll give you advice on how these changes could affect your long-term financial security.

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