InvestmentNews

The IRS released new guidance Friday on taking coronavirus-related distributions from retirement plans in IRS Notice 2020-50.

Coronavirus-related distributions were created under the CARES Act to help those in need withdraw funds penalty-free from their retirement savings.The CARES Act also allows CRD income to be spread over three years and CRDs to be repaid within three years.

People with retirement accounts have seen losses through no fault of their own and they need a helping hand

The SECURE Act is the law for 2020 and beyond.Advisers are already scurrying to explain the retirement rule changes to clients, especially those with large IRAs who had planned on a stretch IRA for their heirs

People who have saved $1 million or more in an IRA and plan to pass it on to someone other than their spouses should consider doing Roth conversions, said Ed Slott, president of Ed Slott & Co., which specializes in IRA education and training.

“Some people call it ruling from the grave,” said Ed Slott, who heads an eponymous retirement advice firm.

When the markets decline or are volatile, it is an opportunity to put a few retirement savings strategies to work, according to Ed Slott, founder of Ed Slott’s Elite IRA Advisor Group.