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

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

by Melanie Ross on Aug 19, 2020

Business

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

Aired 8/19/2020 WTAM AM 1100
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