I cringed when I read that the Cares Act designed to help Americans adversely affected by the pandemic would allow people to withdraw up to $100,000 from their retirement accounts without penalty. Having worked with participants of retirement plans for nearly 30 years, I knew this would possibly open up another excuse to steal from their future.
When dealing with financial affairs, actions in one area can spill over into another. Sometimes these unintended consequences can be avoided; other times they don’t reveal themselves until it’s too late. Here’s what you need to be aware of when it comes to Social Security and Medicare.
What do you do when a strategy or action that solves one problem inadvertently creates a new one? And what if the remedy to the new problem has the potential to cause still another problem?