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Beyond investing

CARES Act loosens rules on retirement savings distributions

The CARES Act provides several options to consider for those who are struggling financially as a result of the coronavirus outbreak. Chief among these options are the waiving of RMDs from qualified plans and IRAs for the current year, as well as providing those who have lost a job because of the pandemic, those suffering from COVID-19 or who have a spouse with the virus, to access up to $100,000 of their retirement savings without the usual 10% penalty. 

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