Wondering what retirement strategies are now available to you from the CARES Act? This landmark piece of legislation has a few major planning opportunities including relaxing of penalties for withdrawals and elimination of 2020 RMDs. Listen in to hear the details.

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Financial Symmetry is a Raleigh Financial Advisor. The hosts and guests in this video do not render or offer to render personalized investment or tax advice in this video. This video is for informational purposes only and does not constitute individualized advice or a guarantee that you will achieve a desired result. You should consult with appropriate tax and financial advisors for advice specific to your situation.

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The CARES Act, passed in March 2020, is a federal stimulus package designed to help individuals and businesses affected by the COVID-19 pandemic. The Act includes several provisions that can help retirees and those nearing retirement to plan for their future.

One of the most important provisions for retirement planning is the suspension of Required Minimum Distributions (RMDs) for 2020. RMDs are the annual distributions from retirement accounts that retirees must take when they reach age 72. By suspending RMDs for 2020, retirees can keep more of their retirement savings in their accounts and take advantage of potential market gains.

The CARES Act also provides additional flexibility for retirement savers. For example, it allows individuals to take up to $100,000 in penalty-free distributions from their retirement accounts. This provision can help those who are facing financial hardship due to the pandemic and need access to funds.

The Act also includes provisions that can help retirees save more for retirement. It allows individuals to make up to $300,000 in catch-up contributions to their retirement accounts. This can help those who are behind on their retirement savings to make up for lost time.

Finally, the CARES Act also includes provisions that can help retirees plan for their long-term care needs. It allows individuals to make tax-free withdrawals from their retirement accounts to pay for qualified long-term care insurance premiums. This can help retirees ensure that they have the financial resources to cover their long-term care needs.

The CARES Act provides numerous retirement planning strategies that can help individuals plan for their future. By taking advantage of these provisions, retirees can ensure that they are prepared for whatever the future may bring.