What are the biggest tax rule changes this year?

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We've been keeping up with the latest headlines...
here are two of our favorites worth sharing.

Your Money

There have been some major changes to the retirement landscape this year. With COVID-related headlines, anxieties, and disruptions, it's easy to overlook them. Here's a refresher:

Required minimum distributions (RMDs) begin at 72
RMDs are waived for 2020
You can continue to contribute to your traditional IRA past the age of 70 1/2 as long as you're still working
"Stretch" IRA is no longer an option for certain beneficiaries inheriting a retirement account
You may have more flexibility to use the funds in your 529 plan
You may be able to make a penalty-free COVID-related withdrawal from your retirement account in 2020

If you want to revisit any of these items and their specific impact on you, let's set aside some time to talk about it.

6 important changes to know for 2020
by Eric Hutchinson

Your Life

Due to high prices, congestion, and the spiking cases of COVID-19 in urban areas, homebuyers are reconsidering their options and are beginning to flock to rural areas.

Glenn Kelman, CEO of Redfin, states that home prices have not dropped because new listings have declined faster than demand from buyers. Buying demand is down 20%, but listing demand is down about 60%--which has kept prices from falling.

Kelman adds that despite massive efforts by the Federal Reserve to keep interest rates low and shore up the credit markets, getting mortgages has been an issue for consumers. Credit standards are tightening, and mortgage lenders are requiring large down payments. Due to social distancing there has been a surge of virtual tours of homes in real estate deals.

Demand for rural homes shows profound, psychological change
by Jesse Pound

Complexity Simplified

For many, the pandemic created an environment of immense stress and anxiety. If you or someone you know needs assistance, here are reminders of numbers to call:

1-800-490-8505 – Adult Protective Services. Do you suspect elder abuse or abuse or an adult with a disability?
1-800-273-8255 – National Suicide Prevention Lifeline
Council on Aging. Check for your local chapter to help any and all Seniors wade through subjects like Medicare and other health needs. Also provides local information on transportation, health day care, in home-services, and nutrition.
1-855-427-2736 – National Parent Helpline
1-800-4-A-CHILD (800-422-4453) – National Child Abuse Hotline
1-800-843-5678 – National Center for Missing & Exploited Children (NCMEC)

Of course, call 911 for immediate local emergencies.

Trivia

A: King of Hearts
Q: At the age of 44, who became the oldest player to register a no hitter?

This got us all singing out loud