For those of you who were facing the requirement to make your first RMD (required minimum distribution) withdrawal from your retirement account in 2020 please be aware that the law changed in December.
Evidently now if you had not reached the age of 70 1/2 before December 31, 2019 the new age trigger will be 72 years old. This lets you keep the money working for you an extra year and one half. If you were 70 1/2 years old before January 1, 2020 the law stays the same.
The new law also allows people over 70 1/2 to continue making contributions to their retirement accounts as long as they have “earned” (payroll) income.
Contact your tax adviser to see if this applies to you.
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