Misunderstanding These COVID-19 Retirement Changes Could Cost You
It also altered several rules surrounding retirement account loans and withdrawals for those who've been medically or financially affected by COVID-19. Only about 1 in 5 of Americans appear to understand how retirement distributions work now, according to a recent TD Ameritrade survey. The CARES Act temporarily suspended the 10% early withdrawal penalty on retirement account withdrawals for people under age 59 1/2 for those who have been affected by the COVID-19 pandemic.
