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IRS Expands Qualifications To Access 401k During Pandemic

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EDITOR NOTE: We’ve been told not to tap into our retirement savings until it’s time to retire. And even then, we’re told to maximize our retirement savings’ growth potential before taking withdrawals. Both are smart ideas. They also show how “smart” is often based on an expectation of the “average” and not designed for extreme scenarios, such as a global pandemic. If you were to think about this on a personal scale, wouldn’t you say that most significant events in your life never occur on the median scale, and that extreme events are a lot more common (though hidden) than the most average day-to-day expectations?

Millions of Americans are out of work and many are also out of emergency cash. This is leading some to tap their retirement benefits to fill the financial gap. CNBC’s Sharon Epperson reports...

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