Page 8 - EC eBook Edition 6

Special Edition COVID-19 #6 /PUBLISHED BY EC CLASSIFIEDS
Over 3 million people in the U.S. have recently filed unemployment claims as a result of the severe economic impact of the coronavirus.
Steve Kruman, financial planner and investment ad- visor at Bryce Wealth Management, has tips to help people weather the financial storm and learn how to plan differently for the future:
Be careful with the 401(k)
“When sources of funds are limited, people should withdraw only the amount they need from their 401(k),” Kruman says. “You want to look for other sources that would be accessible without taking on the major tax hit of raiding the 401(k). Home equity loans are great, and they are at rates much lower than the tax rates of the 401(k). Also, cash value life insurance policies are good sources to borrow from as well.”