Deadlines loom for less-restrictive retirement loans

September 20, 2020

Deadlines are approaching for Americans adversely affected by COVID-19 to take money out of their retirement accounts after Congress temporarily loosened the rules for those financially hurt by the pandemic.

Those who are in a financial squeeze can take enhanced loans until Sept. 22. The deadline for 401(k) or IRA distributions is Dec. 31.

Under the Coronavirus Aid, Relief and Economic Security Act, individuals can borrow 100% of their account balance up to $100,000 until Sept. 22.

They can also take up to $100,000 as a distribution from a 401(k) or IRA in calendar year 2020. The loosened rules also waive the normal 10% early withdrawal penalty for people under 59 1/2. Learn more.

← View All News