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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Please don't hesitate to contact our office at (518) 584-2555 if you have any questions or would like to discuss your personal situation further.


Robert Schermerhorn, CFP ®
Jamie Usas, CFP ® ,
Operations Manager
Amanda Friedman,
Wealth Consultant
Andrew Chapman,
Operations Research Associate
Mollie Flynn,
Office Coordinator

Logo bars Saratoga Financial Services
18 Division Street, Suite 305
Saratoga Springs, NY 12866
Phone: 518-584-2555
Toll Free: 800-203-6066