Ep 34: Retirement Account Changes for 2020

The government implemented multiple measures to assist Americans during this health crisis, and there are number of changes that investors and retirees need to know about. Mike is going to run through the key provisions so that you will have a better idea of how your retirement plan will be impacted.

 

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-34-retirement-account-changes-for-2020/ 

 

Today's show schedule: 

1:17 – Are you and clients getting used to the virtual meetings?

2:06 – First thing Mike wants to do when quarantine is over?

4:44 – Give us the details of the changes made to retirement accounts and withdrawals. 

7:14 – 401k loans

7:54 – RMDs have been waived for 2020.

8:55 – Mike doesn’t recommend taking money out of retirement accounts.

9:49 – Are clients considering this option right now?

11:11 – Does Mike think these are good changes that will help people?

12:50 – Before you withdrawal any money, make sure you have a plan.

14:40 – Mailbag Question #1: I’m going to sell three rental properties but maybe all five. I have quite a bit of equity in these properties. What should I do with this money?

16:32 – Mailbag Question #2: I retired two years ago with more than a million dollars in my IRA, which I thought was more than enough at the time. It makes me nervous every time I withdrawal money from that account because I don’t want to run out of money. Am I worrying too much?