During times of market volatility, you may be wanting to check on your investments and reconsidering your strategies for reaching your financial goals. A good place to start is the Empower website, where you can view your 401(k) account and explore content and tools focused specifically on challenging market conditions. Learn more at Empower’s Market Volatility Center.
If you’re stressing about the stock market and what it means to your financial portfolio, be sure to check out the Financial Knowledge on-demand webinar Managing Your Investments in Uncertain Times.
401(k) Loan or Withdrawal
Congress recently passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide expanded access to retirement plan accounts for distributions and loans. The Intuit 401(k) Plan has adopted these provisions to ensure that those who qualify will have access to apply for a hardship or loan from the Plan.
While taking a loan or withdrawing money from your retirement account early should be a last resort, we understand that unusual times call for unusual actions. Before making decisions about taking money out of your retirement savings, please discuss your options with a tax professional.
To apply for a coronavirus 401(k) loan, call Empower Retirement at 1-800-338-4015 to request a form.
To apply for a coronavirus-related 401(k) loan repayment suspension, complete this form.
To apply for a coronavirus-related 401(k) withdrawal, complete this form.
The CARES Act relief applies to individuals who:
- Have been diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention.
- Have a spouse or dependent who has been diagnosed.
- Are experiencing adverse financial consequences due to having their paid work hours reduced, being unable to work due to lack of childcare, or having to close or scale back a business due to coronavirus.
To learn more, review the FAQs for the CARES Act. If you have questions, call Empower Retirement at 1-800-338-4015.
Financial Wellness and Budgeting Support
Dial down your financial stress by getting assistance with increasing your savings, lowering your debt, improving your credit, and creating and sticking to a budget. Optum’s Live and Work Well program offers lots of great financial wellness and budgeting resources you should check out. You can even connect with a money coach.