Year-End Retirement Planning Deadlines for 2020

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On the 35th episode of the Retirement Explained show, I’m talking about how important year-end deadlines that are coming up quickly for 2020.

A lot of the deadlines are surrounding your ability to deduct contributions against your taxes so you want to make sure you don’t miss the deadline…if you miss it, there’s usually no going back!

When it comes year end deadlines, I cover the following:

  • Contribute to your 401(k) plan by Dec. 31.

  • Retirees can skip required minimum distributions for 2020.

  • Take coronavirus expense withdrawals by the end of the year.

  • Donate your IRA distribution to charity.

  • Qualify for the saver's credit.

  • More time for IRA contributions.

-Brian

Brian Rasmussen