Millions of Americans find themselves strapped for cash with reduced work or lost jobs as the coronavirus pandemic roils the economy with no end in sight. The Coronavirus Aid, Relief and Economic Security (CARES) Act passed in late March offers some respite with the promise of direct checks of $1,200 for individuals ($2,400 for couples) with an additional $500 for each child, and expanded unemployment insurance benefits. It also opens up a bigger cash window by waiving the 10% penalty on withdrawals of up to $100,000 from 401(k) accounts by those below 59.5 years of age. Earlier rules required those aged less than 59.5 years to pay a penalty on withdrawals.
