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CARES Act Relief for Retirement Account Owners

Several provisions of the massive coronavirus stimulus package – the CARES Act – signed into law March 27, 2020 deal with retirement accounts and offer relief both to their owners and beneficiaries. Specifically, the law introduces a new type of withdrawal called a Coronavirus-Related Distribution and significantly modifies the rules regarding Required Minimum Distributions (RMDs) for IRAs and 401(k)s.

We’ve reviewed the legislation and put together a short, client-ready Q&A that we hope answers some more urgent and top-of-mind questions your clients may have about what, exactly, these new rules are and, also, how they might affect their personal financial plans this year.

Additional guidance around these rules may be forthcoming from the Treasury Department in the weeks ahead, so we will update you as new information becomes available. Our goal, as always, is to provide what you need to offer your clients a clear and confident financial path forward through these fast-changing times.

Please contact your Buckingham team with any questions.

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The opinions expressed by featured authors are their own and may not accurately reflect those of Buckingham Strategic Partners. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice.

© 2020 Buckingham Strategic Partners

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