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Retirement Income Planning

Retirement Income Planning

What You Need to Know About Taking Required Minimum Distributions (“RMDs”) in 2020

Over the last few months, Congress has enacted two pieces of legislation that changed the rules on Required Minimum Distributions (“RMDs”) from qualified retirement accounts. The SECURE Act moved the commencement date for RMDs from the year you turn 70 ½ to the year you turn 72. The CARES Act, enacted in response to the coronavirus pandemic, essentially eliminated RMDs for the 2020 tax year. But even with all this RMD “relief,” few people are asking the question: “does it actually make sense to skip taking a distribution from your qualified retirement accounts?” 

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