The Covid19 pandemic brought about quite a bit of change for everyone. Changes in how we interact with others, think about our healthcare and more. In addition, to all of that change it also brought about opportunities for you to win big within your retirement plans.
The United States Federal Government introduced The Cares Act in response to the economic fallout from Covid19. A majority of the headlines regarding The Cares Act centered around the money for Small Businesses and Citizens in this time of need. There were also some smaller, less talked about nuggets within the bill.
In the video above, David Bradford and I discuss one planning tool that everyone should take advantage of right now! Or at least before years end of 2020. We discuss how this bill allows each person the ability to withdraw up to $100,000 from a Qualified Retirement Plan. Qualified Retirement Plans include 401(k)’s, IRA, SEP, SIMPLE Plans, Keogh Plans, 457 Plans, 403(b) plans and others.
We discuss how this opportunity allows you to take advantage of our current low tax environment by spreading the tax out over three years beginning in 2021; thus avoiding the higher tax rate most will see during retirement.
Take a look at the video and let us know if you have questions about your personal situation. This is an opportunity of a lifetime that you should absolutely take advantage of right now!
Protect Your Money!