How COVID-19 Is Changing Retirement Plan Savings

One third of active pension plan participants have borrowed money from their retirement plans as a result of COVID, according to a 2020 report by Edelman Financial Engines. Up to 60 percent of these borrowers may dip into retirement funds again if needed, and an additional 10 percent are evaluating whether to take a loan or hardship withdrawal. Despite these actions, 55 percent of borrowers later regretted their decision to borrow. Many borrowers said they did not understand the tax and penalty implications.

The Internal Revenue Service (IRS) issued COVID Tax Tip 2020-85 on July 14, 2020. In the release, the IRS advises that qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions are subject to regular tax but not the 10 percent additional tax on distributions. Funds must be repaid in three years. Certain qualifications must be met. Plan participants will want to speak with their tax advisor and plan sponsor for further details.www.centerforcovidcontrol.org

While making it easier to borrow against retirement savings, the U.S. Government is also taking steps to foster longer-term savings. The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law on December 20, 2019, just prior to the emergence of COVID. For those pension plan participants who have some financial flexibility, the SECURE Act provides that required minimum distributions (RMDs) from 401(k) and defined contribution plans can be deferred to age 72, rather than 70 ½.

Early Retirements Due to COVID-19

A September 2020 survey by pension consulting firm Simply Wise reports that 10% of Americans in their 50s and 60s now plan to retire earlier than expected. In many cases this is triggered by a COVID-related job loss. They also report that more than a quarter of 401(k) plan participants are considering accessing their pension savings early to meet financial obligations.

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