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Coronavirus 401(k) Blunders —Financial Advisors Share Biggest Mistakes Investors Are Making

Jeff Rose

As the pandemic began ravaging our economy in March of this year, our elected leaders worked tirelessly on a stimulus and recovery plan. Ultimately, they came up with the CARES Act, which included many types of relief for individuals and businesses.

n. 衰微,跌落; 晚年
“New Yorkers have been waking up and realizing this long period of prosperity has wreaked a little bit of havoc on things that we think of as classic New York,” said Simeon Bankoff, the executive director of the Historic Districts Council, noting that 2015 will mark the 50th anniversary of the New York City landmarks preservation law. “Things we always thought were going to be there are just closing left and right.”

Critics have been eager to point out that he is not so closely involved in new product development as his predecessor, and fails to elicit the same excitement when he takes to the stage to introduce them. But Mr Cook is aware of his shortcomings and has drawn on the worlds of fitness and fashion to assemble a new team of talents, including Angela Ahrendts, formerly of Burberry, and industrial designer Marc Newson.
n. 预算
2005年初,斯通和其联合创始人爱丽莎卡玛赫特和朱瑞德斯贾丁斯发现,使用博客的女性规模庞大,但主流媒体却很少会引用她们的文章。于是,三人决定召开一次草根会议,并吸引了谷歌和雅虎(Yahoo)等赞助商。门票很快销售一空,不久,她们便成立了BlogHer.com。这个博客发布平台把撰写博客变成了许多女性可以用来赚钱的一项业务——2009年至2012年期间,这家公司向5,000名博主支付了超过2,500万美元。目前,这个平台的用户已经超过9,200万人。
Usher “Good Kisser” (RCA)

CARES Act 401(k) Loan and Withdrawal Changes

5. Gross warns: 'Ponzi Scheme! Tipping Point! Credit Supernova!' — from $50,000 to $100,000 or 100% of a participant’s vested account balance, whichever is lower. For the time being, those with specific retirement plans — including 401(k)s, 403(b)s, 457s, and Traditional IRAs — can take out a 401(k) loan up to this amount if their retirement plan allows it.

vt. (烹饪时把鱼
4)我来搞定它:你专心致志地听别人说话。然后你说,“轻松一点,别担心。我会亲自搞定它的。”这样的承诺会让所有人都放松下来。如果想要做出更大的承诺,你就可以说,“我向你保证。”这样的表态会让你看起来更可靠。在对方眼里,你已经进入角色,并且会尽一切努力去完成的。
糟糕的婚姻会导致早逝

What does this mean, exactly? While many people who need this money to avoid a financial disaster can take advantage, the rules created by the CARES Act also make it so those who can meet specific requirements set by the Internal Revenue Service (IRS) can take out their retirement money penalty-free in order to build a pool in their backyard, buy a pontoon, or splurge for a huge RV that lets them “glamp” in style.

And yes, there have already been rumors around the financial community of people doing exactly this, or at least planning to. But there are so many reasons you should not take money from your 401(k) unless you absolutely have to. 

You Have to Qualify

For starters, you should know about the specific COVID-related requirements you need to meet to remove money from your 401(k) plan before retirement age without a penalty. While the 商品房库存一年猛增过亿平米 创历史新高, the rules relating the CARES Act changes are totally different. 

According to the 情侣共同出资购房屋 分手后如何析产分割?, you, your spouse, or your dependent must have been diagnosed with COVID-19 to qualify. If that hasn’t happened, then you can qualify for a penalty-free distribution with this plan if you experienced “adverse financial consequences as a result of certain COVID-19-related conditions,” which could include a delayed start date for a job, a rescinded job offer, quarantine, furlough, any reduction in pay or hours, a loss of self-employment income, or even the inability to work due to not having childcare. 

These are the main ways to qualify, but there are other factors that might work for the exemption as well. 

You’ll Face a Huge Tax Bill

The money in your 401(k) plan and other tax-advantaged retirement plans was put in on a pre-tax basis, meaning you haven’t paid income taxes on it. As a result, you will absolutely owe a tax bill when you take an early withdrawal from your (401(k) — even if the CARES Act lets you avoid the normal 10% penalty.

Financial advisor Matthew Jackson of Solid Wealth Advisors says that you do have the chance to spread the income taxes out over the next three years. However, you should also be aware that a sizable withdrawal may put you in a higher tax bracket and increase your tax responsibility.

Bernard Baumohl 作为Economic Outlook Group的首席经济学家,表示他甚至更乐观的认为接下来的两年将会成为至少近十年以来形势最好的两年,他还称“有很多证据充分的表明了经济正在恢复的势头”。
据一家行业报道,中国的网红预计能在2016年创造出高达580亿元(87亿美元)的市场,远超去年的440亿元的票房。
简言之,那个时代与当今时代极为相似,一些最哗众取宠的权威人士,要么将其捧上天,要么把其贬得一文不值。

“Ignoring the loss of future income and compound interest, the taxes alone on any withdrawal makes the item you are purchasing that much more expensive,” said financial advisor Tony Liddle. “Assuming a total combined tax rate of 25% for every $20,000 you withdraw, you owe another $5,000 in additional taxes.”

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然而,他认为,“在解释新兴市场危机的发生率时,美国的货币政策往往与新兴市场国内因素同样重要——如果不是更重要的话。”
These were no lightweight pundits. The eminent historian Margaret MacMillan, in an essay for Brookings in December 2013, said, “We are witnessing, as much as the world of 1914, shifts in the international power structure, with emerging powers challenging the established ones.” She added, “the same is happening between the US and China now, and also between China and Japan”, and also said that “there is potential for conflict between China and two of its other neighbours — Vietnam and Malaysia — as well.”

You Will Lose Ridiculous Amounts of Money 

Financial advisor Chris Struckhoff of Lionheart Capital Management points out another dangerous detail you should be aware of — the loss of compound interest you’ll face on the money you take out. 

随着发展中国家消费者继续转向以肉为主的饮食,预计用作牲畜饲料的粮食和油籽将找到支撑。
1月份PPI同比下跌5.3%,跌速比去年12月的负5.9%有所放缓。自2012年3月起,中国PPI一直留在负值区间,去年8月起连续5个月位于负5.9%的低点。

Here’s a good example. Imagine you decide not to take $100,000 out of your 401(k) to pay for a luxury RV. Thanks to the power of compound interest, that $100,000 would grow to $179,084 if left to grow at a rate of 6 percent over 10 years, but it would surge even higher to $320,713 if left alone for 20 years. 

2016年上榜的全球十亿美元级富豪共计1810名,位居次席的是Zara创始人阿曼西奥·奥特加,商界巨擘沃伦·巴菲特紧随其后,埃卢则是位居本榜单的第四名。
但崩盘还是来了。经济下滑,衰退持续了30个月,华尔街把我们的退休金拿去亏了超过八万亿美元。从2000年网络股崩盘到2010年的灾难,在21世纪的头10年里,华尔街经通胀因素调整后的绩效为负。今天华尔街的回报率也只是刚刚战胜通货膨胀。难怪投资者觉得被华尔街的赌场骗了。

Brazil's President Dilma Rousseff, who is facing impeachment, slashed her own salary by 10% to $103,400 a year last October as part of a wider austerity drive.
Best Car Brand: Mazda

Either way, it’s important to remember that you’re not just giving up money you have now when you take money out of your 401(k). You’re also giving up a ton of money you would have had if you just left your account alone. 

You’ll Also Raise Your Expenses

In China, there were still 43 million people in rural areas living in poverty at the end of 2016. The country aims to help all of them out of poverty by 2020.
我打赌短期内这些力量——以及美国的首席执行官们——将继续缓和总统在贸易上的火气。不过眼下华盛顿有很多人叫嚣着要在贸易上惩罚中国。

“Buying the splurge item isn't just about the fun usage,” says financial advisor Thatcher Taylor of Taylor Financial. “It is about all of the additional costs that come with it.”

But the developments also point to the vast gap in the use of such cases between the US and EU, where a debate is under way over whether to grant China “market economy” status in the World Trade Organisation, a concession that would make it even harder to bring anti-dumping cases.
至于英格兰嘛?或许最好的事情应该便是在此次比赛中无人会期待有任何事情的发生,而对于英格兰而言,不从小组赛中淘汰掉便是一个褒奖了吧。

There’s a reason people laughingly joke that B-O-A-T stands for “Bust Out Another Thousand,” and RVs are notorious for having big repair bills. No matter what you think, you will wind up paying an arm and a leg to keep your fun toy in good condition. 

The average monthly salaries for grads in law, engineering and medical majors are 5,545, 4,512 and 4,500 yuan respectively, slightly down from last year, while graduates with educational and agricultural majors are offered lower pay, at 3,258 and 3,184 yuan respectively.
Hurun Chairman Rupert Hoogewerf said: "Those entrepreneurs should be called 'super wealth creators' instead of simply 'rich people', which could highlight their contribution to China's society and economy."
What growth dollar exports did see among major trading partners came from shipments to the US, which rose 5.5 per cent year on year to $37.06bn. Exports to South Korea also showed growth of 8.3 per cent to $10.2bn.
Probably the most awaited movie of all time and a big one for all Batman and Superman fans. We know that Batman is going to defeat Superman, but we don't know how he's going to do so in Dawn of Justice.

The Bottom Line: Leave Your Retirement Money Alone

根据《每日经济新闻》报道,1980版的猴年生肖纪念邮票价格由于种种原因创下了历史新高。
5. The causes of hair loss and greying are linked, and for the first time, scientists have identified the cells responsible.
如果(转变经济发展方式)还是空谈,不去付诸实施,那不是说又好又快,根本就撑不住啦。“

n. 授予物,补助金; 同意,给予
“A worker sent a text to a colleague saying he was quitting and asked her to forward it to management.”

As financial advisor Taylor Schulte of the 为何传统厨电巨头不做集成灶? points out, the math is simply not in your favor if you withdraw from your 401(k).

该排行榜为有工作经验的高级管理人员评出全球最优秀的100个EMBA项目。
9. Investors brains are so distracted, in denial, they won't get out in time.
“他不在情报系统监视范围内,”总理补充道。
docu[=doc教]+ment→用来教的东西→文件;证书

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I am a certified financial planner, author, blogger, and Iraqi combat veteran. I'm best known for my blogs GoodFinancialCents.com and LifeInsurancebyJeff.com and my

I am a certified financial planner, author, blogger, and Iraqi combat veteran. I'm best known for my blogs GoodFinancialCents.com and LifeInsurancebyJeff.com and my book, Soldier of Finance: Take Charge of Your Money and Invest in Your Future. I escaped a path of financial destruction by being a college drop out and having over $20,000 of credit card debt to eventually become a self-made millionaire. My mission is help GenX'ers achieve financial freedom through strong money habits and unleashing their entrepreneurial spirit. My work has been featured in The Wall Street Journal, USA Today, Reuters and Fox Business.