, a certified public accountant and retirement expert, the RMD waiver saves people from having to draw on their deflated balances if they don't need to.
"This will provide great help, because most 2020 RMDs are based on the retirement account value on December 31, 2019, when the Dow was 28,462 compared to where it is today; around 22,000 as of this writing," SlottIf Congress hadn't extended this relief to investors, Slott added, you would have had to "withdraw a greater percentage of your IRA or plan balance and pay a big tax bill on value that no longer exists.
To be sure, the RMD waiver isn't most beneficial for people who are struggling to pay expenses because of the pandemic. If you do need the money, you'll be able to withdraw whatever amount you need — there's no minimum or maximum limit this year — and pay taxes as usual. Social Security recipients have also receivedThe big-picture benefit of the RMD suspension for 2020 is that retirees don't have to abide by the normal rules.
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