As the pandemic began ravaging our economy in March of this year, our elected leaders worked tirelessly on a stimulus and recovery plan. Ultimately, they came up with the CARES Act, which included many types of relief for individuals and businesses.
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CARES Act 401(k) Loan and Withdrawal Changes
这是乔布斯从2000年6月到2008年9月的照片合集，显示了他健康状况的巨大变化。 — from $50,000 to $100,000 or 100% of a participant’s vested account balance, whichever is lower. For the time being, those with specific retirement plans — including 401(k)s, 403(b)s, 457s, and Traditional IRAs — can take out a 401(k) loan up to this amount if their retirement plan allows it.
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2. The new one childplus policy will substantially raise the birth rate, contributing up to 2million new children to the 2014 economy, a 15 percent one-year lift that willonly further boost consumer morale and spirit.
What does this mean, exactly? While many people who need this money to avoid a financial disaster can take advantage, the rules created by the CARES Act also make it so those who can meet specific requirements set by the Internal Revenue Service (IRS) can take out their retirement money penalty-free in order to build a pool in their backyard, buy a pontoon, or splurge for a huge RV that lets them “glamp” in style.
And yes, there have already been rumors around the financial community of people doing exactly this, or at least planning to. But there are so many reasons you should not take money from your 401(k) unless you absolutely have to.
You Have to Qualify
For starters, you should know about the specific COVID-related requirements you need to meet to remove money from your 401(k) plan before retirement age without a penalty. While the 防控单纯房地产化倾向！高铁新城开发将发生哪些变化？, the rules relating the CARES Act changes are totally different.
According to the 广州6月新建商品房 网签均价1.7万元/平, you, your spouse, or your dependent must have been diagnosed with COVID-19 to qualify. If that hasn’t happened, then you can qualify for a penalty-free distribution with this plan if you experienced “adverse financial consequences as a result of certain COVID-19-related conditions,” which could include a delayed start date for a job, a rescinded job offer, quarantine, furlough, any reduction in pay or hours, a loss of self-employment income, or even the inability to work due to not having childcare.
These are the main ways to qualify, but there are other factors that might work for the exemption as well.
You’ll Face a Huge Tax Bill
The money in your 401(k) plan and other tax-advantaged retirement plans was put in on a pre-tax basis, meaning you haven’t paid income taxes on it. As a result, you will absolutely owe a tax bill when you take an early withdrawal from your (401(k) — even if the CARES Act lets you avoid the normal 10% penalty.
Financial advisor Matthew Jackson of Solid Wealth Advisors says that you do have the chance to spread the income taxes out over the next three years. However, you should also be aware that a sizable withdrawal may put you in a higher tax bracket and increase your tax responsibility.
全食CEO约翰麦基的《自觉资本主义》（Conscious Capitalism）一书让公司高管们不得不思考这样一个观点，那就是处于最佳运转状态的企业能为所有利益相关方创造价值，而不仅仅是投资者。麦基认为，主要利益相关方包括顾客、员工、供应商、社会以及环境。他以好市多、西南航空（Southwest Airlines ，《财富》500强）和谷歌（Google，《财富》500强）为例，说明思维超越利润能够打造更强大而、更高效的公司。
But most of us are self-aware enough to understand that even as we do this, we are lying to ourselves. We recognize those dangers when it comes to politics (see: Bush and Clinton). Why should clothes be any different?
“Ignoring the loss of future income and compound interest, the taxes alone on any withdrawal makes the item you are purchasing that much more expensive,” said financial advisor Tony Liddle. “Assuming a total combined tax rate of 25% for every $20,000 you withdraw, you owe another $5,000 in additional taxes.”
You Will Lose Ridiculous Amounts of Money
Financial advisor Chris Struckhoff of Lionheart Capital Management points out another dangerous detail you should be aware of — the loss of compound interest you’ll face on the money you take out.
The regulations also specifically stipulate the taxi services.
Here’s a good example. Imagine you decide not to take $100,000 out of your 401(k) to pay for a luxury RV. Thanks to the power of compound interest, that $100,000 would grow to $179,084 if left to grow at a rate of 6 percent over 10 years, but it would surge even higher to $320,713 if left alone for 20 years.
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Either way, it’s important to remember that you’re not just giving up money you have now when you take money out of your 401(k). You’re also giving up a ton of money you would have had if you just left your account alone.
You’ll Also Raise Your Expenses
“Buying the splurge item isn't just about the fun usage,” says financial advisor Thatcher Taylor of Taylor Financial. “It is about all of the additional costs that come with it.”
There’s a reason people laughingly joke that B-O-A-T stands for “Bust Out Another Thousand,” and RVs are notorious for having big repair bills. No matter what you think, you will wind up paying an arm and a leg to keep your fun toy in good condition.
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The Bottom Line: Leave Your Retirement Money Alone
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As financial advisor Taylor Schulte of the 农村改革试验区步入规范化运行轨道 points out, the math is simply not in your favor if you withdraw from your 401(k).
The Florida Project
Currency movements have had a strong impact on agricultural commodity prices this year, with the UK’s referendum on the EU leading to a sharp fall in the pound that pushed up the price of food imports and boosted agricultural exports.
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