The CARES act allowed 401(k) participants easier access to their account balances,m during the coronavirus pandemic.
401(k) investors pulled a median of $12,000 from their account in the form of a “coronavirus-related distribution,” according to a new Vanguard review of their clients’ data.
Only 4.5% of Vanguard 401(k) investors took a coronavirus distribution between March and September, which equates to almost 187,000 participants available to about 4.2 million of their 401(k) participants.