The Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act have made some major changes to IRAs:
- Removing the age restriction on traditional IRA contributions
- Raising the required minimum distribution (RMD) age to 72
- Waiving RMDs from traditional or inherited IRAs in 2020
- Extending the deadline for making prior year contributions from April 15, 2020 to July 15, 2020
Our Membership Services Department is available to answer questions regarding your IRA and these provisions. If you have questions relating to additional tax relief offered through the CARES Act, please seek the advice of a tax advisor you trust.