(Mid-America Pension Rights Project): How Does the CARES Act Impact Retirement Planning?

Via ThinkAdvisor
By Roger Wohlner

One of the most visible provisions of the CARES Act was the suspension of required minimum distributions (RMDs) for 2020. This covers RMDs in connection with IRA accounts, 401(k)s, 403(b)s and other similar retirement plans. This includes those who reached age 70½ during 2019 and were required to take their first RMD by April 1 of this year. It also extends to those who would normally need to take an RMD from an inherited IRA. The waiver does not extend to RMDs connected with a defined benefit pension plan or with a non-governmental 457 plan.

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