401(k)

How will the relief package impact retirement accounts? CPA Ed Slott fields this and other top financial planning queries.

“Concerns over the program's ability to pay promised benefits have been around for a long while, but they're heightened,” an expert says.

Despite the July 15 deadline extension as a result of the coronavirus, some taxpayers are advised to file early.

Under the new act, some can take out as much as $100,000 from retirement plans early without penalty.

The percentage of workers who say they are ready to retire has dropped by more than 5% in last month, a survey found.

Clients may consider rebalancing their portfolio more often to address asset allocation shifts as a result of the downturn.

Gauging any possible changes to their health insurance coverage is just one consideration they must address before they retire.

For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.

For one, clients will owe taxes still on the distributions, unless they recontribute the money into the account within three years.

“Traditionally, 401(k)s generally have some really good investment options that you wouldn’t be able to do on your own,” an expert says.