You didn't happen to name your spouse, children or grandchildren beneficiaries of your IRA, 401k, 403b, 457 plan etc.?
January 1, 2020: The US Government passed a new tax act called the SECURE Act.
The act was meant to give the government increased taxes and reduced deficits, not to make the American citizen more secure. If the government needed our money before the pandemic, they really need our money now! One of the largest assets of the American people are their retirement plans, and this pool of money has never been taxed.
The government not only wants more of your assets. They want them quicker.
DID YOU KNOW?
The new tax act of January 1, 2020 destroyed any multi-generational planning for qualified funds.
To find out the consequences of this for your IRA, and how to fix it, go here