Retirement Accounts

RMDs: I've been following this story for quite some time. It's been a long time since it's hit mainstream media. Tea leaves: relief will be passed early next year. Hunch: Congress getting a lot of letters and phone calls from angry constituents. I can argue the issue from both sides. Link here: 

The SECURE Act, which was signed into law last December, included a provision that pushed up the age for mandatory retirement plan distributions from 70 to 72. 

Now, lawmakers are hoping to pass another retirement bill that’s being informally called SECURE Act 2.0 by early next year. A provision in the bill would push distributions up even further, to age 75. 

And don’t look for Congress to stop there. “My goal is to get rid of it completely,” House Ways and Means Ranking Member Kevin Brady (R., Texas). 

He said the pending legislation, which he helped author, takes “another step forward in increasing that age to 75 and exempting those more modest accounts of $100,000 or less.”

CARES Act 2020: check out the "act" for yourself or with your financial advisor, but it appears that ALL RMDs are waived for 2020. One link here.  

Inherited IRAs: non-spousal inherited IRAs must be depleted within ten years. I believe this applies to both traditional IRAs and Roth IRAs.