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The CARES Act loosens the rules on taking a distribution from 401(k) plan accounts. The CARES Act loosens the rules on taking a distribution from 401(k) plan accounts. (Shutterstock)

During the first quarter of 2020, average household retirement savings in the U.S. dropped by more than 4%, and additional savings hits are expected as the COVID-19 pandemic continues to play out, according to Forbes and the American Enterprise Institute.

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