With the arrival of the Setting Every Community Up For Retirement Enhancement (SECURE) Act, the odd number of age 701/2 for RMD (required minimum distribution) is now raised to age 72.
This new easier to remember “even” number now applies to individuals who are turning 701/2 in 2020 and beyond. If you have turned 701/2 in 2019, you must adhere to taking your RMD as scheduled.
In summary: If you are turning70.5 in 2020 or later, NO RMD is required for 2020. Your RBD (required beginning date) would now be pushed to April 1st 2022 or 2023 at age 72.
The next question that I would like to answer is: does the extension of July 15th to file income taxes also apply to funding one’s Roth IRA? The answer is yes, you may fund your IRA or Roth IRA by July 15th 2020, for tax year 2019. Personally speaking, I think it is best to fund it before April 15th for growth reasons and for keeping things simple.
As always we are here for you, if you have any questions, stay well!