Has COVID-19 Affected By Vance Morra As COVID-19 spread, investor speculation rose, causing a sudden drop in the global stock markets in late March. Americans watched their retirement accounts drastically decrease in value and are now faced with a potential prolonged weakness in the market, which could mean less income and expected returns down the road. The CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which became effective March 27, 2020, provides some relief for those experiencing financial hardship and need access to money. In either case, it is always important to speak with a financial professional to obtain the guidance relative to your personal situation. Below are some guidelines from the IRS to consider. Required Minimum Distributions in 2020 If you typically take your RMD later in the year and don’t need the funds, suspending your Required Minimum Distribution (RMD) is a great option. It reduces your taxable income so you are not paying taxes on money you do not need.
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