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New Legislation Could Allow You to Use 401(k) Money for Emergencies
June 3, 2021
The 2020 CARES Act passed in response to the coronavirus pandemic allowed workers to access retirement savings locked up in vehicles like 401(k) plans and individual retirement accounts (IRAs) for pandemic-related emergencies without triggering the 10% levy on early withdrawals.
In a rare act of bipartisanship, Sen. James Lankford (R-OK) and Sen. Michael Bennet (D-CO) recently introduced legislation providing for penalty-fee emergency withdrawals from retirement accounts up to $1,000 per year.
New data indicate almost 40% of Americans can’t afford a $400 emergency expense, so this legislation, if it makes it to President Biden’s desk, could be impactful for millions of Americans. ....

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