Vanguard calculates cost of COVID Distributions

Ary Rosenbaum - The Rosenbaum Law Firm P.C.
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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The CARES act allowed 401(k) participants easier access to their account balances,m during the coronavirus pandemic.

401(k) investors pulled a median of $12,000 from their account in the form of a “coronavirus-related distribution,” according to a new Vanguard review of their clients’ data.

Only 4.5% of Vanguard 401(k) investors took a coronavirus distribution between March and September, which equates to almost 187,000 participants available to about 4.2 million of their 401(k) participants.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

© Ary Rosenbaum - The Rosenbaum Law Firm P.C.

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