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Month: April 2020

The CARES Act Has Changed 2020 RMD Rules

Required Minimum Distributions are Temporarily Suspended

When President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act on March 27, he enacted the largest aid package in American history. One important impact is that Required Minimum Distributions (RMDs) for 2020 are, in essence, suspended. In this way, the federal government chose to sacrifice short-term tax revenue in order to provide immediate financial relief to retirees.

This change bears discussion, however, as there are many questions about what the CARES Act means for those who have already taken their 2020 RMDs, as well as any impact on taxes and inherited accounts.

Let’s begin with a review of the basic tenets of the RMD portion of this new law.

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Financial Literacy Month, Coronavirus and Financial Resilience

How to Focus on Your Finances in the Month of April

Beginning 16 years ago, April was declared Financial Literacy Month as part of a strategy to enhance and increase nationwide financial literacy. It was implemented with the hope that it would lead to increased government advocacy of financial literacy programs, as well as spark more interest in programming already offered through schools, non-profit organizations, and businesses.

The creation of a month-long focus on financial literacy was a pointed acknowledgment of its importance in helping Americans gain necessary financial knowledge – knowledge that proves integral during a time of crisis like we are facing now with the COVID-19 (coronavirus) pandemic.

Though prevention is always preferable over a cure, it’s never too late to learn more and change your financial behaviors. Doing so can help you become more resilient in the face of financial adversity during times of personal or worldwide crisis. So, here are three ways you can personally celebrate Financial Literacy Month this year:

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