Under the CARES Act, all 2020 RMDs have been waived.
Due to the CARES Act, in certain situations, you can take a distribution from your IRA or retirement plan and repay it later on if you are affected by the coronavirus.
Learn more about the CARES Act implications for retirement plans and accounts.
Footnote
If you were age 70½ or older as of 12/31/2019, you would be required to take a required minimum distribution ("RMD") from your traditional IRA and certain other qualified retirement plans for 2019. Effective 1/1/2020, in accordance with new legislation, the required beginning date for RMDs for individuals who turn age 70½ on or after 1/1/20 is age 72. You may defer your first RMD until April 1 in the year after you turn age 70½ or 72, as applicable, but then you'd be required to take two distributions in that year. Note that coronavirus legislation eliminated RMDs for 2020, including RMDs to beneficiaries of Roth IRAs.
Footnote 1 All annuity contract or rider guarantees, including any fixed crediting rates or annuity payout rates, are backed by the claims paying ability of the issuing insurance company. They are not backed by Merrill or its affiliates, nor do Merrill or its affiliates make any representations or guarantees regarding the claims-paying ability of the issuing insurance company.
Footnote
Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
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