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FINANCIAL EDUCATION

Jul 9, 2020 3:00:00 AM Debt, Budget, Investments

What to Consider Before Cashing Out Your 401(k) Due to COVID-19

Certain changes under this year’s Coronavirus Aid, Relief, and Economic Security (CARES) Act are allowing struggling individuals to withdraw from their 401(k) before 59½, without incurring the same penalties that they would’ve faced a year ago. For many people who are struggling through this economic crisis, these changes may look like the answer to all of their problems. But there are a few things to consider before cashing out that 401(k), even with the reduced penalties.

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