On June 19, 2020, the Internal Revenue Service announced new guidelines to help those affected by COVID-19 gain more access to retirement plan distributions and loans. The IRS expanded the categories of those eligible, called qualified individuals, and increased the dollar limit on loans to $100,000.
Buying a home is a complicated process. Even finding the right home can be difficult in California’s inventory constrained market. Once you do, there is the negotiation process, contracts, inspections, appraisals, financing, and myriad other issues that pop up along the way. In many cases, your monthly mortgage payment when you do purchase a home can be more expensive than your rent, and that’s without considering the upfront cost of a down payment.
If you're just skimming financial headlines, you might be inclined to order up a Roth IRA conversion--stat! "Now Is the Best Time in History to Do a Roth Conversion," read the headline in one publication. "Now Is the Perfect Time to Convert Your IRA to Roth," answered another.