Very late in 2019, which sometimes seems like an eternity ago, and with the waiving of mandatory distributions in 2020, due to several comments and questions this week we wanted to briefly remind folks.
RMD – Required Minimum Distributions Commence at age 72 Now!
This week we had several occasions to discuss and remind that as of December 2019 due to the Secure Act RMD’s (Required Minimum Distribution‘s) were moved up from age 70 1/2 to age 72. We will talk about this in much greater detail in our next quarter newsletter along with a more detailed post just directed at the RMD new age requirement and the various other items that were adjusted by the afore mentioned Secure Act!
Stimulus Payment Method Reminder
Also due to repeat conversations …always happy to have as you give us terrific content and others are certainly in the same situation … ok digressing… this week about the method of payment for the stimulus funds. As a reminder the IRS essentially issues us a rebate for the stimulus funds as such they’re using the banking instructions that they had on file for our 2019 tax return. If you had no banking instructions on file they will be mailing the stimulus.
OK sorry for being a little heavy on a rainy Friday .. here in Texas it’s been very overcast for almost a week which seems like a year this time of the year, but that’s OK enjoy your Friday … have a great weekend will talk to you next week!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth