Make sure to take the Required Minimum Distribution (RMD) from retirement accounts again in 2021. These RMD’s were deferred for 2020 only. RMD’s are required if you have reached the age of 72 by the end of 2020 or had reached 70 1/2 by the end of 2019.
If you’d like to learn more about how this new tax update can help you if you’re considering retirement- please contact Buseck, Barger, Bleil & Co., Inc. by calling (814) 454-6341. Our team of financial experts will be happy to give you personalized, professional consulting to help you make financial decisions that will affect your retirement.