New 401k Rule: Penalty-Free Long-Term Care Insurance
Update: 2025-12-31
Description
Secure Act 2.0 allows penalty-free withdrawals from 401(k)s for long-term care insurance premiums, effective December 29, 2022. However, withdrawals are capped at annual premium or $2,600, whichever is less, and no more than 10% of account balance. Premiums are steep, with men paying $2,200 and women $3,750 annually. Financial advisors advise caution and recommend consulting a professional before dipping into retirement savings. Checkout Solipillow.com
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