By Sarah Brenner, JD
Director of Retirement Education
We at the Slott Report would like to wish all our readers a happy and safe holiday season. 2020 has been a year like no other. Thank you for taking your valuable time to read the Slott Report during this challenging period.
The end of the year is always a time to look back. 2020 has been a busy year at the Slott Report. In January, the SECURE Act became effective and changed the retirement account landscape. We said a sad good-bye to the stretch IRA for many beneficiaries and we welcomed new planning opportunities such as delayed RMDs, the end of age restrictions on traditional IRA contributions, and the flexibility of the new 10-year payout rule for inherited accounts.
Just when we were getting the hang of the new SECURE Act rules, everything changed in March of 2020 with the arrival of the coronavirus pandemic. In response to the devastation wrought by the virus, Congress enacted the CARES Act. At the Slott Report we weighed in on the new law’s impact on retirement accounts by exploring a wide range of topics – from rolling over unneeded 2020 RMDs to taking penalty-free coronavirus related distributions from retirement accounts.
We look forward to 2021 and we are hopeful that brighter days are ahead. For retirement accounts the new year promises to be busy and exciting. We look forward to hopefully more SECURE Act guidance. There is a package of retirement account proposals expected to be on the agenda when Congress reconvenes which could impact IRAs and other retirement accounts – and that’s just the start. A new administration brings the potential for many changes, and we will be watching closely.
We hope you continue to check in with the Slott Report as 2021 unfolds for the latest retirement account news and information. Throughout the year we have heard from many of you. We welcome your questions and input. Keep it coming in 2021!