How Coronavirus Affects Your Retirement Distributions

As if you weren't already worried about running out of money in retirement, recent stock market volatility may have wiped away 20% of your life savings. But don't start making plans to move in with your kids just yet. There's a provision in the coronavirus stimulus bill that may help you stay solvent, despite the recent downturn.

On March 23, Rep. Jennifer Wexton (D-Va.) introduced legislation that would allow retirement savers to skip their 2020 required minimum distributions (RMDs) without penalty. Subsequently, Wexton argued successfully to include that legislation in the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed on March 27. Along with the break on 2020 RMDs, CARES also provides for the payout of coronavirus relief payments to American households and a temporary upgrade to unemployment benefits.

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Source Fool.com