Denise Appleby - Secure Act - Cares Act and Retirement
Do you ever feel that retirement plan rules are changing too fast? It can be hard to keep up with the changes to IRAs, 401ks, and RMDs \u2013 especially this year.
The Secure Act and the Cares Act present some unique tax benefit opportunities that you may want to take advantage of. However, knowing what they are, if you fit the requirements, and how long they last, can be confusing.
We invited Denise Appleby, CEO of Appleby Retirement Consulting Inc., onto this episode of podcast to share her insights into the ever-changing world of IRAs so you can make the most of any potential tax benefits. Denise is our go-to consultant for IRA questions as she has over 20 years of experience in the retirement plans sector. We were delighted that she could join us, and hope that this episode is useful to you.
In this episode find out:
- How the Secure Act is affecting IRAs \u2013 including the 10% additional tax on distributions that most people don\u2019t know about
- How the Secure Act changed the stretch IRA
- What a QCD (qualified charitable distribution) is and why you should consider making one
- Why you do not have to take RMDs in 2020 under the Cares Act
- The three significant tax benefits from Coronavirus related distributions
Tweetable Quotes:
\u201cIt doesn't matter what your age is, you can make a contribution to a traditional IRA as long as you have eligible compensation. This rule applies to contributions that are made for 2020 and after.\u201d \u2013 Denise Appleby
\u201cTypically, when you take a distribution from your retirement account, it has to be included in income for the year distribution. But a Coronavirus related distribution is an exception to that.\u201d \u2013 Denise Appleby
\u201cIf 2020 has taught us anything, it\u2019s that these rules are a moving target. So, if you read an article online, listen to a radio show, or heard some information, don't assume that that information is going to be correct tomorrow.\u201d \u2013 Denise Appleby
Important Links & Mentions:
- Denise\u2019s LinkedIn
- Appleby Retirement Consulting Inc.
If you\u2019ve got any questions that you\u2019d like to ask Radon and Murs, we want you to get in touch! Text us on +1 (984) 207-1753.
Resources:
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.
To receive our free book, Get Off the Retirement Rollercoaster, leave a 5-star rating review on Apple Podcasts and send a screenshot to mailto:morgan@pomwealth.net.