The 401k Blog
Life after COVID-19 according to 30 experts.
For some organizations, near-term survival is the only agenda item. Others are peering through the fog of uncertainty, thinking about how to position themselves once the crisis has passed and things return to normal. The question is, ‘What will normal look like?’ While no one can say how long the crisis will last, what we find on the other side will not look like the normal of recent years.
The recent CARES Act made it easier for 401k plan participants to withdraw money from their accounts. In order to allow what are being called COVID-19 withdrawals from your 401k plan, you would need to amend it. However, I don’t believe you should adopt provisions allowing your 401k plan to permit COVID-19 withdrawals.
These words combined with my dad’s advice, got me thinking about the other “truths” that I have finally accepted. And my dad was right — my life has gotten a lot easier.
However long it will take, we will eventually beat back this virus, and our economies will eventually recover from the punishing recession it will have brought about. But when the dust settles and the masks come off, the pandemic will have permanently reshaped our social and economic behavior. Here are a few outcomes that seem increasingly likely.
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