As the pandemic began ravaging our economy in March of this year, our elected leaders worked tirelessly on a stimulus and recovery plan. Ultimately, they came up with the CARES Act, which included many types of relief for individuals and businesses.
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CARES Act 401(k) Loan and Withdrawal Changes
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What does this mean, exactly? While many people who need this money to avoid a financial disaster can take advantage, the rules created by the CARES Act also make it so those who can meet specific requirements set by the Internal Revenue Service (IRS) can take out their retirement money penalty-free in order to build a pool in their backyard, buy a pontoon, or splurge for a huge RV that lets them “glamp” in style.
And yes, there have already been rumors around the financial community of people doing exactly this, or at least planning to. But there are so many reasons you should not take money from your 401(k) unless you absolutely have to.
You Have to Qualify
For starters, you should know about the specific COVID-related requirements you need to meet to remove money from your 401(k) plan before retirement age without a penalty. While the 重庆：市公安介入楼市整顿 九类行为或将移交司法机关, the rules relating the CARES Act changes are totally different.
According to the 帝王洁具网销渠道暴露三大难题 拖慢上市进程, you, your spouse, or your dependent must have been diagnosed with COVID-19 to qualify. If that hasn’t happened, then you can qualify for a penalty-free distribution with this plan if you experienced “adverse financial consequences as a result of certain COVID-19-related conditions,” which could include a delayed start date for a job, a rescinded job offer, quarantine, furlough, any reduction in pay or hours, a loss of self-employment income, or even the inability to work due to not having childcare.
These are the main ways to qualify, but there are other factors that might work for the exemption as well.
You’ll Face a Huge Tax Bill
The money in your 401(k) plan and other tax-advantaged retirement plans was put in on a pre-tax basis, meaning you haven’t paid income taxes on it. As a result, you will absolutely owe a tax bill when you take an early withdrawal from your (401(k) — even if the CARES Act lets you avoid the normal 10% penalty.
Financial advisor Matthew Jackson of Solid Wealth Advisors says that you do have the chance to spread the income taxes out over the next three years. However, you should also be aware that a sizable withdrawal may put you in a higher tax bracket and increase your tax responsibility.
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“Ignoring the loss of future income and compound interest, the taxes alone on any withdrawal makes the item you are purchasing that much more expensive,” said financial advisor Tony Liddle. “Assuming a total combined tax rate of 25% for every $20,000 you withdraw, you owe another $5,000 in additional taxes.”
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You Will Lose Ridiculous Amounts of Money
Financial advisor Chris Struckhoff of Lionheart Capital Management points out another dangerous detail you should be aware of — the loss of compound interest you’ll face on the money you take out.
Here’s a good example. Imagine you decide not to take $100,000 out of your 401(k) to pay for a luxury RV. Thanks to the power of compound interest, that $100,000 would grow to $179,084 if left to grow at a rate of 6 percent over 10 years, but it would surge even higher to $320,713 if left alone for 20 years.
When asked if the central bank would do more, Dario Perkins, chief European economist at Lombard Street Research, said: “I don’t think so, unless something goes wrong in the wider global economy.”
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I'm pleased to see manufacturing jobs returning to the U.S., but I don't expect the manufacturing industry to have the galvanic effect on the economy that many hope for. Why? Because automation will sharply erode the number of jobs any factory requires. The disappearance of blue-collar and entry-level jobs is already a problem, and that problem will grow.
Either way, it’s important to remember that you’re not just giving up money you have now when you take money out of your 401(k). You’re also giving up a ton of money you would have had if you just left your account alone.
You’ll Also Raise Your Expenses
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“Buying the splurge item isn't just about the fun usage,” says financial advisor Thatcher Taylor of Taylor Financial. “It is about all of the additional costs that come with it.”
Why? Just add in the intensifying anger after the Supreme Court's decisions over same-sex marriage issues and gays, add in the growing anger over abortions, Obamacare, gun control, food stamps, the new voter suppression pushed by GOP governors, plus more threats by conservatives and the tea party to dig in their heels and fight to overturn everything and increase austerity too.
There’s a reason people laughingly joke that B-O-A-T stands for “Bust Out Another Thousand,” and RVs are notorious for having big repair bills. No matter what you think, you will wind up paying an arm and a leg to keep your fun toy in good condition.
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The Bottom Line: Leave Your Retirement Money Alone
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As financial advisor Taylor Schulte of the 陶卫企成环保整治“标兵” 扛起行业绿色生产大旗 points out, the math is simply not in your favor if you withdraw from your 401(k).
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Typically, he writes, analysts “see the root cause of emerging markets’ susceptibility to crises in weak institutions that make countries vulnerable to economic and financial instability.”