Contact 2: CARES Act rules for early retirement withdrawal

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ST. LOUIS, Mo. – If you’re out of work and need income, you might be considering withdrawing from your retirement savings.

Normally, if you withdraw money from traditional individual retirement accounts and employer-provided accounts before reaching age 59-1/2, you have to pay a 10 percent early withdrawal penalty.

Temporary changes to the rules under the cares act may give you more flexibility to make a withdrawal from tax-deferred retirement accounts during 2020.

There’s a lot to this, that’s why we’ve got full details from the Consumer Financial Protection Bureau, here.

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