Under the CARE Act no RMD required for 2020.

[trof]

From Fidelity website:

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, recently passed into law, includes a number of measures designed to stimulate the economy. One provision allows retirees to forgo taking Required Minimum Distributions (RMDs) from IRAs or 401(k)-type plans this year.

RMD amounts are based on the value of the account at the end of the previous year. “Because most accounts have seen a steep decline in 2020, the amount of the required withdrawal would have been a much larger percentage of a retiree’s account,” explains Rob Williams, VP of financial planning, retirement income and wealth management at the Schwab Center for Financial Research (SCFR). “The new law lets retirees keep that money in their accounts, potentially recouping some of the market losses when the economy turns around.”


https://www.schwab.com/resource-center/insights/content/can-you-forgo-taking-rmds-2020

[DURHAM D]

1. That is interesting.

Glad I have not taken my RMD this year. My letters are here on my desk and it is top of my do-to list for some time and just have not been able to pull the string.

Thanks for posting.

[trof]

2. My pleasure.

[Sherman A1]

3. K&R

[question everything]

4. Perhaps I should switch to Fidelity from Vanguard

As soon as the act passed I asked Vanguard why they do not notify us and they said that: "some people need it for a living." Or something. So I responded that, sure, many do, I will still take out some but why not alert the ones who do not follow? Who, unlike myself, did not contact their members of Congress asking for this?

[JustABozoOnThisBus]

5. Fidelity didn't call me about it. I email them after reading about it on Forbes site.

I think the financial houses are trying to "work effectively from home" and also get small business loans processed.

[Yonnie3]

6. I read it on Vanguard's webpage last week.

"Temporary waiver for RMDs: The CARES Act also will help retirees keep their savings in their retirement accounts. It includes a temporary waiver for required minimum distributions (RMDs), which applies to both 2020 RMDs and RMDs due by April 1 for individuals who turned 70½ last year."

https://investornews.vanguard/what-the-cares-act-means-for-markets-and-the-economy/

which was posted the 30th.

Every week or so I read the articles of interest to me on their webpage. I've never asked them or expected them to notify me of everything that might affect me.

[question everything]

7. Thanks, I missed it.

[Totally Tunsie]

8. Janus Henderson is on top of it.

Received a letter yesterday regarding this, both explaining CARES and offering suggestions regarding options available.