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Congress passes new rule that allows new parents to cash out $5,000 from 401(k)s—but experts say think twice

Source: - Jan 22, 2020

Parents will have a new source of money to tap to help with any expenses tied to adding a new child to the family.

On Thursday, the Senate passed a $1.4 trillion spending deal that, among other provisions, contains retirement legislation known as the SECURE Act. The Setting Every Community Up for Retirement Enhancement Act passed the House over the summer, but remained stalled in the Senate — until now. Lawmakers attached the bill to must-pass spending legislation that sailed through a House vote on Tuesday and the Senate on Thursday and is now expected to be signed by President Trump by the end of the week.

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Category: General Business