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If you or someone you know is in this situation due to COVID-19, you’ll likely have several questions about job hunting, unemployment insurance, and health care. You may also be wondering, “What should I do with my 401(k)?”
You will have several options on what to do with your 401(k), 457 or 403(b) plan, but by rolling it into an Individual Retirement Plan (IRA), it will provide you with the most flexibility and choices. We are here to guide you through this process and to answer any questions you might have.
You also may have heard that the CARES Act waives the 10% early withdrawal penalties on retirement accounts, giving some account owners up to three years to replace what they took out. Remember, this new legislation may not cover loans unrelated to the COVID-19 crisis.
If you have questions about what rules apply, you may want to get in touch with your former employer’s human resource team. As always, we are here to help, too.