The great Social Security lie

The great Social Security lie

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COVID-19: You Can Now Take $100,000 From Your 401(k) or IRA, but Should You?

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  On March 27, 2020, President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. Amidst the global COVID-19 pandemic, this act is designed to bring economic relief to individuals and businesses who’ve been affected by the resulting economic downturn. Section 2202 of the act, titled “Special Rules For Use of Retirement Funds,” now allows those affected by COVID-19 to withdraw up to $100,000 penalty-free from their 401(k) or IRA. 1 What does it mean to be "impacted by COVID-19?" Congress defines this broadly to include those who: Have been diagnosed with COVID-19; Have a spouse or dependent who has been diagnosed with COVID-19; Experience adverse financial consequences as a result of being quarantined, furloughed, being laid off, or having work hours reduced because of the disease; Are unable to work because they lack childcare as a result of the disease; Own a business that has closed or operate under reduced hours because of the...
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How to Take Advantage of This Zombie Economy

It has already been almost four years since the beginning of the Great Depression in 2008 and the economic reports do not seem to get more encouraging. Actually for a while we were feeling hopeful that a recovery is well on its way when towards the end of 2011 and into the first quarter of 2012 unemployment figures were lower, more jobs were added and home prices were slightly rising. The revival was however short-lived when in the second quarter of 2012 the growth rate of the economy slowed down again and the number of jobs added in June was only 80,000 after 77,000 added in May and 68,000 in June making the second quarter the worst in two years. It’s discouraging, to say the least and it feels like the US economy is moving in a slow zombie like state. With interest rates at all time lows, companies holding back on hiring and low consumer confidence, is all hope dead? Not quite. Experts expect things to pick up after the election. And until then there are ways to take ad...
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The Fine Print on 401(k) Fees Just Got a Little Bigger

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My last blog post 7 Threats To Your Retirement When All You Have Is a 401(k) Plan generated a lot of interest! It was my most visited blog post to date and for that I thank all of you who follow my blog. I sincerely hope you find it useful. Still on the topic of 401(k) plans, you may or may not know that as of July 1, 2012   The Department of Labor, in an effort to improve transparency of 401(k) fees, has released a final rule which will: “ help America's workers manage and invest the money they contribute to their 401(k)-type pension plans. The rule will ensure: that workers in this type of plan are given, or have access to, the information they need to make informed decisions, including information about fees and expenses; the delivery of investment-related information in a format that enables workers to meaningfully compare the investment options under their pension plans; that plan fiduciaries use standard methodologies when calculating and disclosing expense and r...
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