Updated: Feb 12, 2021
The Cares Act made it easier to withdrawal money from your 401k plan.
"I'm sure you have taken money out of your 401k, but have you ever thought about withdrawing all of it?
What is a 401k plan? A 401k plan is a retirement account which lets you save money over the course of your time being employed at certain companies. The account will also build interest if the stock market is doing great.
Not all companies offer a 401k plan so many individuals are looking to work for employers who offer this great benefit. Every time an individual gets a check, a certain amount of money goes into the account; most of the time the dollar amount is matched by the employer up to a certain percentage.
Now after the Cares Act and the covid-19 virus, you can self certify yourself to pull out as much money as you need from your 401k. If you have an account with someone like Fidelity, you would want to log into their website and look under withdrawal options. Under these options you can self certify that you or someone you know has been in contact with the corona virus. You don't need any proof or if you are in quarantine you do not need to leave your home.
After filing and being approved for the money in 2 days (which everyone is approved) it takes no longer than 2 more days to be funded, which is a total of 4 days. If your 401k can help you through the pandemic that is occurring right now, why not take advantage?