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Financial expert warns against removing money from 401K amid coronavirus outbreak

3 months 3 days 1 hour ago Thursday, April 09 2020 Apr 9, 2020 April 09, 2020 6:31 AM April 09, 2020 in News - Local

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.

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