Did you know that for 2020, The Coronavirus Aid, Relief, and Economic Security (CARES) Act waives all required minimum distributions (RMDs) from defined contribution retirement accounts, including 401(k), 403(b), or IRA plans? The rules surrounding RMDs can be complicated and can sometimes require a few conversations with your financial advisor to successfully navigate.
If you are required to take RMDs the 2020 waiver applies to you regardless of age. This includes those 72 years of age, and those who turned 70.5 if you were born before 7/1/49 but have not taken RMD’s yet. If you already withdrew your RMD for the year, you have until August 31, 2020 to roll the funds back into your retirement account.
The CARES Act has made many changes to retirement accounts that may be of benefit to you in 2020. Need help interpreting the changes? We would be happy to discuss this topic further with you.
As we navigate through these times of uncertainty and adjust to our new normal, we here are at The Foresight Companies want to be your source for all topics related to your business operations.
*Please note that as information is updated and modified, terms and conditions are subject to change.
Wealth management services are provided by The Roosevelt Investment Group, Inc. (Roosevelt Investments). Roosevelt Investments is not affiliated with The Foresight Companies, LLC., except that the two entities engage in joint marketing efforts.