“There are dreamers and there are planners; the planners make their dreams come true.”
Were you prepared for retirement and now have concerns in regard to how Covid-19 affects those plans? While the CARES Act serves to support individuals, businesses and sustain employment during this current pandemic, it may have an impact certain retirement plans in 2020.
The CARES ACT consists of various provisions that may alter current retirement plan rules. With retirement funds in mind, some fees may be waived, such as the 10% penalty for early withdrawal. Any withdrawal is still subject to tax, but it will be spread over a three-year period instead. In addition, required minimum distributions or RMDs from many retirement plans (e.g. IRA, 401(k),403(b), and others) have been officially suspended in 2020.
Previously, RMDs had mandatory withdrawals, where at a specific age, they were required to be collected from certain retirement accounts. This withdrawal would usually begin at the age of 70 ½. However, now while new laws are being put into effect and information is changing daily, it is important to become familiar with the loan resources available.
Want to learn more about how Covid-19 may affect retirement plans and personal finances? Ella Rivkin will be providing consulting services to help individuals and businesses apply for loans, decide what to spend their money on, provide support and create an effective plan for repayment. There might also be direct cash support too.
Ella Rivkin is right here to keep you updated as we continue through this time together. She will walk you through every stage of the process and will share the most up to date, valuable knowledge and solutions at hand. If you have any questions or want to learn more about the current situation, Contact Ella today at (347) 462-2778 and you can set up a time to speak with one of our financial experts.
ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.