Congress provides financial relief to retirees by waving required minimum distributions for 2020

With the passing of the CARES Act, Congress provided some financial relief to retirees by waving required minimum distributions (RMDs) for 2020.

Melanie Ross, CFP®, with NCA Financial Planners answers some common questions retirees are asking.
1. What if I already took my RMD this year?
2. Will the IRS double the required amount in 2021?
3. Will my 2021 RMD be based on 2020 year-end balances?
4. Should I take my RMD or skip it?

with Melanie Ross, CFP®, NCA Financial Planners
Aired 8/19/2020 WTAM AM 1100

Securities offered through Royal Alliance Associates, Inc. (RAA), Member FINRA/SIPC. RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA. RAA does not provide tax or legal advice. In this regard, this communication is strictly intended for individuals residing in the states of AK, AL, AZ, CA, CO, CT, FL, GA, IL, KS, KY, MA, MD, ME, MI, MO, NC, NH, NJ, NM, NV, NY, OH, OK, OR, PA, SC, SD, TN, TX, VA, VT, WA, WI and WV. No offers may be made or accepted from any resident outside the specific state(s) referenced. To learn more about the professional history of our financial advisor(s), please visit: brokercheck.finra.org/