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03-22-2020, 06:48 AM
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Sage
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Join Date: Feb 2012
Location: Illinois, Tennesee, Florida, Village of Caroline, Sanibel, LaBelle
Posts: 5,635
Thanks: 61
Thanked 1,309 Times in 543 Posts
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Quote:
Originally Posted by hollywoodz
Anyone that is over 70&1/2 that has a retirement account must make IRS required withdrawals every year, called RMD (Required Minimum Distribution) on which taxes are paid the following year. With the bloodbath these accounts have taken by the markets plummeting due to the virus (20%+?), and the senate working on a 3rd stimulus package, we need to call Senators Rubio and Scott's offices ASAP to have any such RMDs for this year postponed. Having to make these withdrawals from depleted accounts that a lot (most?) of us count on for daily living is a "double whammy" none of us can afford. This probably affects the majority of Villagers, I imagine. The senate switchboard number is, 202-224-3121. Time is of the essence Villagers!
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A great idea and that would help a number of retirees.
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Most people are as happy as they make up their mind to be. Abraham Lincoln
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