CARES Act Includes Provisions that Cover Retirement Accounts

As anticipated, President Donald Trump signed the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act into law this past Friday, March 27th.

While this legislation is aimed primarily to provide assistance for individuals and businesses that have been negatively impacted by the coronavirus outbreak, there are also provisions included in the bill that cover retirement accounts. The CARES Act waives Required Minimum Distribution (RMD) payments for 2020, increases the loan limit from retirement plans, and allows for penalty-free withdrawals.

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Sincerely,

Robert Schermerhorn, CFP ®

Jamie Usas, CFP ® ,

Operations Manager

Amanda Friedman,

Wealth Consultant

Andrew Chapman,

Operations Research Associate

Mollie Flynn,

Office Coordinator

Saratoga Financial Services

18 Division Street, Suite 305

Saratoga Springs, NY 12866

Phone: 518-584-2555

Toll Free: 800-203-6066

www.SaratogaRetire.com

Securities & advisory services offered through LPL Financial, a registered investment advisor, member FINRA / SIPC

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.