The Apex Advisor - You Can't Win a Race by Going Backwards

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The CARES Act rule changes giving easier access to retirement funds will certainly act as a much needed lifeline for many Americans in desperate need. For those that are not in dire need for short term funding, however, taking advantage of the ability to access retirement funds without penalty can be expected to have tremendous negative effects on a retirement savings plan. It would amount to shifting a race car into reverse during a race.

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Jeff DeHaan

Jeffrey DeHaan, CFP® is a Partner with Clearwater Capital Partners. Jeff primarily works with a select group of successful business owners and professionals, along with their families, to achieve their unique visions of their financial futures. Focusing on the interdependence between portfolio management, retirement planning, gift planning, estate planning and risk management, Jeff endeavors to give his clients a clear path to their goals and a solid framework for decision making.

CARES Act - What you need to know about your IRA

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In order to combat the many economic implications of the coronavirus pandemic, a monumental emergency funding bill has been passed. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) aims to provide relief to American citizens and businesses through a variety of financial measures. One particular focus of the bill is on how Americans can use their retirement accounts during a potential time of need. This post will focus on 3 measures related to IRA accounts; Required Minimum Distributions, early distributions, and special tax treatment of distributions. The first of the provisions apply to all Americans while the second and third apply only to those directly affected by the virus (defined below.)

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