WFA April 2020 Newsletter

Answers to important questions you may have about the CARES Act and your Investments

Can I take money from my IRA to cope with the economic slowdown?

Yes. The CARES Act waives the 10% early withdrawal penalty. You can withdraw up to $100,000 from your IRA and not be penalized. You You will still owe income tax at your ordinary income tax bracket on the amount you withdraw. Conditions for withdraw without penalty: This provision is for people who have been affected by the COVID-19. Either you’ve gotten sick, or your spouse has, or one of you has lost your job, or your business has been impacted. This will apply to pretty much everyone, to varying degrees. Save documentation so you can verify the use of the funds withdrawn.

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Sim Swapping is a social engineering hack where scammers and fraudsters steal your phone number without ever touching your phone.

There are a couple of ways they can do this.

  1. The scammers trick your phone provider into thinking that they are the rightful owner who’s lost the phone and need to transfer service to a new device; or
  2. Occasionally it’s the phone employee that helps the scammer perpetrate the switch.

No matter what, once your phone number has been stolen (Sim-Swapped), your text messages and 2-factor authentication starts going to the scammer. It provides a gateway for access to your email, online banking and cryptocurrency accounts because all calls and text messages made to your phone number to verify your identify are now going to the scammer.

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