Financial expert warns against removing money from 401K amid coronavirus outbreak
As millions of people continue to file for unemployment amid the coronavirus pandemic, some are considering removing money from their 401K.
Financial expert at Texas Regional Bobby Farris says removing money a 401k should be the last option.
Farris explains there is a 10% plus paid during income tax penalty for removing money from a 401K account.
The 10% penalty is waived only for those who qualify for coronavirus relief under the Cares Act, Farris explained.
For more information watch the video above.
One in critical condition after Harlingen house fire
Made in the 956: Abuse survivor creates nonprofit for children with trauma
Valley couple celebrates 52nd wedding anniversary on Fourth of July
Protecting pets during the 4th of July
Valley police departments increasing patrols on 4th of July