You can keep your RMD in your account — at least for a year
Retirees don’t need to worry about taking the required minimum distribution from their retirement accounts this year. The government waived that rule as part of the $2 trillion stimulus package meant to provide financial relief to Americans.
But the stimulus package President Donald Trump signed into law on Friday changed that. Investors do not need to take an RMD in 2020. RMDs are calculated using a few factors, including the account holder’s age, life expectancy and account value. The latter, however, is based on the portfolio amount on Dec. 31 of the prior year, which means if a portfolio took a bad hit from market losses, the investor would end up withdrawing a larger percentage of his account.Another perk for this group of investors: less money to claim as income.
Also see: Receiving Social Security disability benefits? Living abroad? How much — if any — of the $1,200 checks Americans in special situations will get
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