Proposed Bill Would Allow the Use of 401k Funds Including Solo 401k to Pay for LTC Insurance

While it is a proposed bill, on October 19, 2020 Senator Patrick Toomey (R-PA) introduced bill number S.4820  (Long-Term Care Affordability Act) which would allow qualified plan account holders including solo 401k plan participants to distribute tax and penalty free up to $2,500 per year adjusted for inflation on a yearly basis from their 401k for use to purchase long-term care insurance.  The funds could also be used to pay for LTC insurance for 401k participant, his or her spouse, or a dependent.

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About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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