Category: Finance

Everything you need to know about the new 401(k) no-penalty withdrawals in the CARES Act

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It sounds awfully tempting.

As part of the CARES Act passed last week, some of the strictest rules about taking money out of your 401(k) are being temporarily lifted to help people affected by the coronavirus pandemic. But the changes drew some mixed reviews from financial planners. While the added flexibility may help some ride out the crisis, there was plenty of hand-wringing that the distribution limits were too high, and that people affected by coronavirus might be tempted to take out huge sums now—and, as a result, either put their eventual retirements in jeopardy or possibly leave themselves with a big tax bill.

Here’s a drill-down on what’s changed, and some guidance on how to approach your 401(k) in the wake of these changes. … Read More

Coronavirus finances: What to do when your bills are due

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Everything you need to know about furloughs—and what they mean for workers during the coronavirus pandemic

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Monday brought more bad news for American workers, as companies continue to lay off employees to cope with the economic damage of the coronavirus outbreak and the related lockdown.

This time, Macy’s made the biggest headlines with the news that it will be furloughing the majority of its 130,000 employees. The department store giant—which also owns and operates Bloomingdale’s and Bluemercury—said that despite continuing to sell items online, it has “lost the majority of our sales” since closing all of its stores on March 18.

Macy’s is far from alone. Gap Inc. also announced that it would be furloughing most of its retail workers in the U.S. and Canada on Monday—“pausing pay but continuing to offer applicable benefits until stores are able to reopen,” the company said in a press … Read More

When will I get my stimulus check? When are SBA small business loans available? Mnuchin offers timeline on coronavirus relief measures

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FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html.
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions. | EU Data Subject Requests

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Can’t afford to buy an apartment? This startup wants to sell you a share of one

© 2019 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights) | CCPA Do Not Sell My Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html.
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions. | EU Data Subject Requests

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Stock market lessons from the last 3 bear markets: Great Recession, Dot com bubble, 1987

© 2019 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights) | CCPA Do Not Sell My Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html.
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions. | EU Data Subject Requests

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