Apr 6, 2020
They’re calling it “the biggest rescue package in history.” The federal government is spending $2 trillion to help overcome the economic damage from the corona virus. I’m not questioning the need for a stimulus … but we should remember that we’re eventually going to have to repay that money, one way or another. And I’m guessing repayment will come in the form of higher taxes, somewhere down the line. What’s that going to mean for our retirement?
Most of us will be receiving a $1200 check, as part of the stimulus package approved by Congress. For those who don’t need that money right away, any recommendations for what they should do with it?
One provision of the new stimulus package waives Required Minimum Distributions for 2020. Waiving RMDs and great news if you don’t need the money but, is there anything we can also do to reduce those RMDs in the future?
Then, its it too late if you were planning to retire in 2020?
The good news is Steve is here to help you and to be a resource during these uncertain times. You can connect with him on the phone and set up a virtual meeting!