New Rollover Rules for 2020 RMDs

With so much news to process these last few months, financial updates might not be at the top of your list. But part of the recent relief efforts included new rollover rolls that impact people that need to take RMDs. Find out what it all means and whether this impacts you.

The Bird’s Eye View:

With so much news to process these last few months, financial updates might not be at the top of your list. But part of the recent relief efforts included new rollover rolls that impact people that need to take RMDs. Find out what it all means and whether this impacts you.

 

Your Guide:

When the government rolled out the CARES Act in March, the legislation aimed at providing economic relief and aid for Americans and it did so in many different forms.

The stimulus received most of the headlines along with the PPP loans that were provided to small businesses. But investors need to pay attention to the new required minimum distribution rules that were included in this because it might impact your financial plans for 2020. At the time, it waived RMDs for the remainder of the year.

What about people that made their withdrawals before that time?

In June, the IRS passed new rollover rules that gave people the opportunity to put that money back into their retirement account if they choose to. It’s a nice option to present to people, but should you take advantage of these new rules?

On this episode of Your Retirement Elevated, Scott will explain the new rules that were put into place last month and what they mean to you. We want to make sure you know what the IRS wanted to accomplish but also whether it impacts your planning process directly.

If you haven’t sat down with your trusted advisor yet to discuss the changes in 2020, make sure you prioritize that to give yourself enough time to make any necessary adjustments. Feel free to contact us if you want to learn more and have us look over your portfolio.

Let’s get the show started. Feel free to use the timestamps below by clicking on them to skip around to specific topics. 

0:52 – How’s everyone doing around the office?

2:01 – With change comes opportunity.

5:18 – New rollover rolls were introduced recently.

6:18 – Who does this apply to?

6:43 – Provisions from the CARES Act

9:31 – Just because you can put money back, should you?

Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.

 

 

Your Guide:

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Scott Dougan, RFC, Investment Advisor – Contact

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ABOUT YOUR HOST...

Scott Dougan founded Elevated Retirement Group in 2003 in order to fill a niche he felt was not being addressed properly in the retirement planning environment – helping retirees and pre-retirees in the Kansas City metro area find answers to issues that may affect the quality of life during their retirement.

Scott is a Registered Financial Consultant (RFC) and holds a Series 65 Investment Adviser Representative license, which holds him to the fiduciary standard. He also holds insurance licenses in Kansas, Missouri and other states.

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(913) 393-4724