RMD Archives - Page 2 of 2 - Milliken, Perkins & Brunelle

Retiring soon? Recent law changes may have an impact on your retirement savings

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March 2, 2021 Kevin Brunelle IRA Contribution, IRA distribution, RMD, SECURE Act, stretch IRA

retirement savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.

Don’t forget to take required minimum distributions this year

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January 26, 2021 Kevin Brunelle 401k, CARES Act, required minimum distribution, RMD, Roth IRA, Traditional IRA

required minimum distribution

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again.