Considering a 401(k) Withdrawal Because of COVID-19? Here Are 3 Rules to Know

Throughout America, many states are slowly reopening their economies after the Great Lockdown necessary to slow the spread of COVID-19. But for some families, the financial damage done by the coronavirus won't end when businesses reopen.

If your household faced an income shortfall or other financial hardship due to COVID-19, you may be considering a 401(k) withdrawal. The government has recognized that many families may want to use this option, and the good news is that it has changed some of the rules to make it easier to take COVID-19 related distributions.

But before you do, there are three rules that apply this year based on the CARES Act that you need to know about. 

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Source Fool.com