Note for Us Seniors With IRAs

[dwco5051]

I wasn't made aware until a few days ago the the virus stimulation bill waives the requirement to make the minimum required distribution of IRA's for 2020. Depending on your situation in may be beneficial to not take it this year.

Disclaimer; Your mileage may vary and I am far from being a financial planner.

 

[bassman284]

Yeah, that's a nice break. I hadn't gotten around to it before the market dropped like a rock so it's definitely beneficial for me not to take it.

 

[redneck joe]

And I thought I heard the max year age of 70 something on 401k was also waived.

 

[bruceb58]

Since tax brackets are lower right now, I have started rolling over some of my IRA into a ROTH IRA and paying the tax while the tax brackets are still low. If the administration changes, those tax rates are going back up! Yes, this was advised by a financial planner and not just me.