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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2. Take baby steps.
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 山东省住建厅：“菏泽取消限售被过度解读”, the rules relating the CARES Act changes are totally different.
According to the 家居企业募资拓渠道疑是幌子 如何持续发展考验上市公司, 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consequences as a result of certain COVID-19-related conditions,” which could include a delayed start date for a job, a rescinded job offer, quarantine, furlough, any reduction in pay or hours, a loss of self-employment income, or even the inability to work due to not having childcare.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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Tencent said in an email it has no current plans to find a profitable model for WeChat. An Internet conglomerate, Tencent is China's largest listed Internet company with a market capitalization of roughly $65 billion and has strong revenue streams from gaming, virtual products and advertising on other platforms.
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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.
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We need to ensure that our consumers will have access to good options, benefit from such consumption, and most importantly that Chinese companies will be able to win over the consumers with their commitment to high quality and workmanship.
Amid rising pollution and a strengthening yuan, the capital city saw its tourist numbers drop to 4.20 million visits from January to November from 5.01 million visits in 2012, according to China Daily, citing a report from China Tourism Academy and Beijing Commission of Tourism Development. An earlier report based on a survey of domestic travel agents showed that visitors to the capital declined by roughly 50% in the first three-quarters of the year compared with a year earlier.
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
It is not unusual for the documented wealth of China’s richest people to surge suddenly — or even for previously unknown tycoons to burst into prominence — as stock exchange listings and other public investments thrust them into the spotlight.
“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.”
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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
Chinese Premier Li Keqiang delivers a government work report during the opening meeting of the fourth session of the 12th National People's Congress at the Great Hall of the People in Beijing, capital of China, Mar 5, 2016.
As financial advisor Taylor Schulte of the 2016年中国建筑陶瓷业相关政策法规分析 points out, the math is simply not in your favor if you withdraw from your 401(k).
Led by Letv, Anbang and Eastmoney, 26 newcomers are on the list; 70 percent are privately held. Mi was the fastest riser, with its value shooting up fivefold year-on-year, to come in at $7.3 billion, followed by TCL and Huawei.