Page 23 - August 2020 Digital

ARE YOU CONSIDERING
EARLY RETIREMENT
WITHDRAWAL DUE TO LOSS
OF WORK/EMPLOYMENT?

HERE’S WHAT YOU SHOULD
KNOW ABOUT WITHDRAWAL
&
THE CARES ACT RULES.
If you are out of work and need FREE
income, you might be considering FREE
Must present coupon at the
withdrawing from your retirement time of appointment. Not valid APPOINTMENTS
Must present coupon at the
savings. Normally, if you withdraw time of appointment. Not valid APPOINTMENTS
with anyother offer.
Offer expires 30 June 2020
with anyother offer.
money from traditional Individual Retirement Accounts (IRA) and Offer expires 31 AUG 2020 to discuss the Loan that you Qualify for.
Conditions Apply
employer-provided accounts before reaching age 59 ½, you Conditions Apply to discuss the Loan that you Qualify for.
must pay a 10 percent early withdrawal penalty.
Furthermore, emergency withdrawals from your current
employer-provided plans are limited to an amount needed
Must present coupon at the
to meet a limited set of approved hardships, like avoiding time of appointment. Not valid
Must present coupon at the
foreclosure, home repairs after a disaster, or medical expenses. time of appointment. Not valid
with anyother offer.
Offer expires 30 June 2020
with anyother offer.
Conditions Apply
If the pandemic has had negative effects on your finances, Offer expires 31 AUG 2020
Conditions Apply
temporary changes to the rules under the CARES Act may give third of the money you withdraw will be included as
you more flexibility to make an emergency withdrawal from tax- income in your taxes for each of the next three years
deferred retirement accounts during 2020. unless you elect otherwise. The CARES Act also allows
you to pay back what you withdrew from your accounts
Among other things, the CARES Act eliminates the 10 percent if you’re able to do so.
early withdrawal penalty if you are under the age of 59 ½. One- For more details reach us at 469-213-1519.

DesiPages DFW | AUGUST 2020 VOL 18 | 23