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2020 IRA Withdraw Changes Thumbnail

2020 IRA Withdraw Changes

Until the end of 2020, you can withdraw money out of your IRA if you are under 59.5 years old without the normal 10% penalty as long as you meet the qualifications under the cares act.

Kevin explains how it works and questions you need to ask before you pull out the money.
• How do you qualify?
• Is there a way to avoid taxes?
• Let’s talk about the three questions you should ask yourself before you withdraw
funds from IRA.
• Am I aware I will pay the funds back with after-tax money?
• What is your retirement plan? (Replenishing money that took multiple jobs and years to
accumulate may mean working longer than you intended.)
• Are you prepared to track this money for three years and potentially incur IRS debt?
• Bottom line, should people take advantage of this?

With Kevin Myeroff from NCA Financial Planners
Aired 7/27/2020 WTAM AM 1100

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