Ep 35: Should You Take Money Out of Retirement Accounts While It’s Penalty-Free?

Due to coronavirus, the CARES Act has outlined several provisions to relieve the financial burden on the economy right now. If you are allowed to take money out of your retirement accounts without penalty, should you?

 

Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-35-should-you-take-money-out-of-retirement-accounts-while-its-penalty-free/ 

 

Today's rundown: 

2:03 - What should you do about tapping into retirement accounts?

4:50 - Are these provisions in the CARES Act helpful?

6:54 - Could this hurt your retirement? 

7:56 - What happens when someone is furloughed?

10:26 - In “normal” times, does it work when people take out money from their retirement or 401(k) as a loan?

13:46 - What is the current state of the market and economy?

15:24 - When is the new tax deadline for 2020?

17:16 - Mailbag: If I sell rental properties, how should I invest the equity money once I sell them?