My wife and I met (via Facetime on our iPhones) with our 'wealth manager' (they used to call themselves 'financial advisors' but this new title sounds better) earlier this week to go over some changes that we might want to make in our IRA portfolios. Anyway, during the session we learned something that we had not known before and that is that for 2020, if you're over 72 (the old limit was 70 1/2 until they changed that last year) you will NOT have to take your annual 'Required Minimum Distribution' from your tax-deferred IRA's. As part of the CARE's stimulus package passed in March, they've suspended, at least for 2020, the RMD from your accounts. We were not aware of this until he told us about it. Now this is good news since now would not be a good time to be forced to sell equities just to meet the mandatory distribution requirement. I suspect that whatever institution you have your IRA(s) at, that they will be required to notify you of this change in the law. I'm not sure, but you might have to actually tell them to not make the RMD. Anyway, I need to check next week with my credit union as I have an IRA there as well, which I was notified earlier in the year that since I turned 72 last year, that I would need to begin taking the annual RMD's, starting sometime before the end of December. I need to call them and make sure that that is not going to happen.
Anyway, here's an item with some more info about this issue:
Retirees Don't Have to Take Required Minimum Distributions This Year. But What If You Already Did?
http://money.com/rmd-401k-roth-ira-requirements-2020/
OCU
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