KPMG 🐠 , we can now draw money out of our 401k with no penalty if suffering any ill effects of COVID

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Posting as :
works at
You are currently posting as works at

Btw, everyone can do this now. Not just KPMG

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I wasn’t aware of that, sorry

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Unless there’s some provision for being able to replace your withdrawals later, this is a very expensive option in the long run so should really be a last resort.

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Ty for correcting D1. My bad, I'll edit.
-- yah, so it's an even better case to lower that tax burden now.

Please do this as an absolute last resort (I would even say make drastic living cost cuts before doing this). Don't use your retirement as a slush fund.

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See attached

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Just the 10% penalty is exempt. Still any amount you take will be taxed as part of your income. You can withdraw this money if you get sick from COVID or experience related hardship e.g., lose your job. I would use this as a last resort. It's applicable for any American with a 401K.

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Really?

What are “any I’ll effects” defined as?

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