There is no doubt the current environment continues to be extremely difficult for you, your family and friends. Despite the challenges we are all facing, we have been working diligently to understand the many facets of the recently passed CARES Act (Act), to determine which provisions may benefit our clients. One of the more time sensitive provisions of the Act is the waiving of Required Minimum Distributions (RMDs) for 2020. The main advantages to waiving RMDs include deferral of taxation, providing an opportunity for your investments to recover over time, and not selling during the downturn.  

We are contacting you because you are required to take RMDs from your IRA portfolio during 2020 and you now have the option to waive them. Also, if you’ve already received all or a portion of your RMDs this year, you may be eligible to return them to your IRA account(s). While the Act did not include any repayment provisions (something we will continue to monitor), we do have the option of the “60-day rule.” Under this rule, distributions can be deposited back into your IRA(s) to avoid taxation or penalty, if done within 60 days of receipt of the funds. 

If you think waiving or returning your RMDs for 2020 may be an option for you and we have not yet spoken with you, please contact Kerry promptly at 516-316-8544 or email: Reestablishing your RMDs at later point in the year is an option, should you choose to do so. 

Please remember, we are here for you. Helping you live your BEST Life means being present for you during times such as these. Not just to listen, but to actually help you manage through the crisis, leveraging the comprehensive plans we have we built together for just these types of situations, while making any necessary tweaks to ensure you stay the course towards achieving your goals. 

Our top priority remains doing everything in our power to do what is in your best interest.

Be well,
Rick W. Campbell
Financial Independence
931 Jefferson Blvd
Suite 2005
Warwick, RI 02886

Financial Independence, LLC is a Registered Investment Advisor firm and only transacts business in states where it
is properly registered, or is excluded or exempted from registration requirements. Registration as an investment
advisor is not an endorsement of the firm by securities regulators and does not mean that the advisor has attained a
particular level of skill or ability. All investment strategies have the potential for profit and loss. Past performance does not guarantee future investment success. Always consult an attorney or tax professional regarding your specific legal or tax situation. Copyright 2020.