What to Know About Retirement Rules in 2020

Posted on May 5th, 2020


Are you familiar with the new provisions about retirement accounts from the SECURE Act and coronavirus relief bill? Some of these changes may affect how you make retirement decisions in the coming weeks and months. These new rules don’t apply to everyone and it’s important to consider your situation before making any big changes, but if you need a quick recap of a few key details, take a look:

401(k) Distributions

Required Minimum Distributions From Retirement Accounts

Extended Tax Deadline

The extension of the tax deadline to July 15 also extends the deadline to contribute to your IRA until July 15. This means you have the opportunity to max out your contribution at $6,000 for 2019 (or $7,000 if you’re 50 or older).

Do you have questions about how Lockbox can fit your financial plan? Reach out if you’d like to go over anything in more detail.

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