Take advantage of CARES Act changes to retirement accounts

Description

Abstract: In this time of financial uncertainty brought about by the COVID-19 pandemic, individuals may be more concerned than ever about protecting their retirement accounts — or they might need to tap these funds now even though they haven’t yet reached retirement. This article explains several provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that may provide some assistance. It also suggests that it’s important for individuals to get professional advice to help determine the best course of action for their particular situations, and factor in the tax consequences. A sidebar discusses tax-advantaged distributions under the CARES Act.