Episode 128: How CARES Act Waives Penalties on Withdrawal From Retirement Accounts

Updated Jun 02, 2020 | Chris Petrie

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Watch the Show

Today on the show it’s just me going over everything you need to know about CARES Act and retirement accounts. This video was recorded as a live stream to both Facebook and Youtube.

A separate recording of the audio can be found on the Money Peach Podcast — or anywhere you listen to your podcasts.

Listen to the Podcast

The Show Notes

There are many changes to retirement distributions since the passing of the CARES Act. I will cover:

Waiving the early withdrawal penalty from retirement account

New rules for taking a loan against your retirement account

RMDs and how this could be used towards your advantage this year

Paying taxes on withdrawals and how it has changed

Current retirement plan loan and how that has changed for 2020 If you have a question, please ask in the comments and I will get back with you 😊

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Chris Petrie

Chris (Peach) Petrie is a personal finance expert, money coach, speaker and podcaster.

In 2011, Chris and his family were exhausted from living paycheck-to-paycheck and facing a mountain of debt. They started going against the society standards of misbehaving with money and made the decision to take back control of their lives and money. Within seven months they paid off $52,000, started saving like crazy and began building real wealth.

The word spread fast and Chris started showing friends how to create a budget over dinner. Soon after he started showing their friends how to do the same and eventually Chris started teaching personal finance classes around the community. As the need for the classes grew, Chris launched Money Peach in 2015.

Money Peach was created to help everyday people remove the stress and fear of money by showing them how to save more, make more, and keep more of their money.

Chris Peach has been featured in places like Business Insider, The Huffington Post, Elite Daily, and CheddarTV.

When Chris isn’t at “work” he can be found at the Crossfit gym or riding on the fire truck — Chris is also a full-time firefighter in Phoenix, Arizona.