Houston – With so many people unemployed, many are considering pulling money out of retirement plans to pay bills. Why 2020 is the best year to borrow from retirement plansThe federal CARES Act includes provisions that make it easier and less punitive for people who have been impacted by COVID-19 to take money out of their IRAs, 401ks and other qualified plans. Until the end of 2020, you can withdraw up to $100,000 from a qualified retirement account with no 10% penalty. Proceed with CautionDon’t think of this as a free pass to use your retirement money if your income has not been impacted by COVID-19. If you can’t provide that, you will likely have to pay the taxes and penalty on the money you took out.