Daily Money - Are You Ready for RMDs?

Elizabeth O'Brien is a senior writer at Money

Here we are approaching tax season again. It feels like it was just tax time, especially to those of us who filed last July during the coronavirus extension. So now we’re back to wrangling paperwork. Retirees who took advantage of the special suspension of RMDs last year and returned a required minimum distribution they didn’t need might have some rightful confusion about how to document that. Financial firms have until late May to send out the tax form that documents the return of the money (called a Form 5498), so it’s possible you might not receive it by the April 15 tax deadline. Today’s featured story explains how to report contributions to retirement accounts on your tax return, whether they’re related to the special RMD waiver or not.

Best wishes,
Elizabeth

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TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE

Required Minimum Distributions and Your Taxes: A Quick Primer

RMDs are back on for 2021. Here’s what to know.

Current Mortgage Rates: 30-Year Rates Drop Again

But your personal rate might be different from the prevailing rates.

Why SPACs, or 'Blank Check' Companies, Are Suddenly the Hottest IPOs on Wall Street

SPACs are designed to take companies public without going through the traditional IPO process.

RETIRE WITH MONEY COMMUNITY INSIGHTS

This week, our Retire with Money Facebook group was abuzz with talk of GameStop, and how a loose group of mostly amateur traders have driven up the stock price to hurt hedge funds that had bet on its decline. (Read Money’s story on the brouhaha here.) One member said her 35-year-old son is part of the group on the online forum Reddit that’s squeezing the stock price higher and higher. “He says it will get to $1000/share,” she wrote. “It’s crazy stuff, and makes me think we are heading for some kind of correction.” She’s not alone in thinking that. Read our story about how the market is looking a lot like it did in 1999, in the runup to the dot-com bubble.

RETIREMENT NEWS FROM AROUND THE WEB

If I Have Cancer, Dementia or MS, Should I Get the Covid Vaccine?

Doctors weigh in. KAISER HEALTH NEWS

How Much Safety Is Enough?

Selling stocks in a market downturn isn’t always a bad idea, a personal finance expert says. MORNINGSTAR

Orthopedic Patients Eagerly Await Surgeries Delayed by Covid-19

Doctors are having to postpone joint replacements and other musculoskeletal repairs that would improve patients’ quality of life. STAT NEWS

Chapter X: The Men's Group for Transitioning to Retirement

A group helps high-achieving men make the most of their next phase. NEXT AVENUE

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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Daily Money - Are You Ready for RMDs?

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