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KPRC 2 News Today

The latest Houston news, weather and sports from KPRC 2.

2 warnings and 2 advisories in effect for 8 regions in the area

See the complete list

LIVE

KPRC 2 News Today

2 warnings and 2 advisories in effect for 8 regions in the area

401K


Finished your taxes? Take these steps to get ahead for next year

Are you knee-deep in receipts, 1099 forms and W2s? Or are you all done?

Why 2020 may be the best year to borrow from your retirement

Houston โ€“ With so many people unemployed, many are considering pulling money out of retirement plans to pay bills. Why 2020 is the best year to borrow from retirement plansThe federal CARES Act includes provisions that make it easier and less punitive for people who have been impacted by COVID-19 to take money out of their IRAs, 401ks and other qualified plans. Until the end of 2020, you can withdraw up to $100,000 from a qualified retirement account with no 10% penalty. Proceed with CautionDonโ€™t think of this as a free pass to use your retirement money if your income has not been impacted by COVID-19. If you canโ€™t provide that, you will likely have to pay the taxes and penalty on the money you took out.

How to protect your money and even make some in this roller coaster stock market

Coronavirus concerns are causing some crazy fluctuations on the stock market, but itโ€™s not all bad news. Financial Advisor Richard Rosso with RIA Advisors says there are ways you can make the down market work in your favor. This investment is intended to be long term. You will lose money in market fluctuations like weโ€™re seeing now; but over the long term, you will make money. Donโ€™t take everything out of the stock market.

Will Brexit impact your 401k?

On Thursday, the United Kingdom will decide whether or not to remain in the European Union. CBS New business analyst Jill Schlesinger talks about what Brexit could mean for American investments.

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