Retirement Accounts and Government Coronavirus Relief

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27. It’s a massive relief package designed to help Americans get through these difficult economic and financial times. Yes, this is the legislation that also includes the one-time payments from the government for those below a certain annual salary. While most of the reporting on the CARES Act tends to focus on helping those of working age who find themselves without a job, it does have some advantages for retirees. First off, many retirees will be eligible to receive the highlight of the legislation–those Continue reading Retirement Accounts and Government Coronavirus Relief

Oh No! What to Do if You Forgot to Take an RMD

Missing a required minimum distribution (RMD) is not laughing matter. The IRS will not let you off with a slap on the wrist or a small fine. In fact, they can actually be quite harsh and can include up to 50% of the missed amount. However, you can request relief from the IRS, which may or may not grant that request depending on the circumstances. If you find that you missed an RMD, the first thing you should do is to withdraw the RMD money from your account as the IRS won’t even consider your request for relief. Once you Continue reading Oh No! What to Do if You Forgot to Take an RMD