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The CARES Act waives the 2020 Required Minimum Distribution (RMD) for IRA holders and participants in defined contribution qualified retirement plans. This includes RMDs for the 2020 calendar tax year, as well as 2019 first-time RMDs required to be taken by April 1, 2020 that were not already taken in 2019. The waiver for 2020 also extends to beneficiaries, including those who have elected to deplete the account under the five-year rule, in effect extending the period to six years.

Make Your Retirement

Planning Pay Off.

All your hard work saving for retirement is starting to pay off. Now it's time to figure out how to keep it.

Create an Income Plan and Help Protect What You Have

You've worked hard to get here. The work continues, but now the focus shifts to having a smart strategy for withdrawing your retirement income and helping to protect your assets.

Stretch Your Income: Plan & Prioritize

Know RMD Rules (Required Minimum Distributions)

For 2019, you're required to start taking Required Minimum Distributions (RMD) from your Traditional IRA by April 1 of the year following the year in which you reach age 70½. Once you begin RMD’s you must take an RMD distribution each year. For 2020, you are required to start taking RMD’s from your Traditional IRA by April 1 of the year following reaching 72 years of age.

Get the Most From Social Security

Waiting until you reach the full Social Security retirement age will allow you to take a higher retirement benefit and waiting until age 70 will maximize your retirement benefit. Know your options.

Review Insurance: Life, Medicare, Long-Term Care

Review your life insurance policy and beneficiaries with your agent to make sure your family and estate are protected. Review Medicare Supplemental insurance and Long-Term Care (LTC) insurance options to help avoid depleting your retirement savings for medical or extended care. Planning for Long-Term Care

Create an Estate Plan

State Farm® offers an estate analysis service to help you with the first steps of estate planning. You can learn more from your State Farm agent .

Tools & Solutions

Disclosure

Prior to rolling over assets from an employer-sponsored retirement plan into an IRA, it's important that customers understand their options and do a full comparison on the differences in the guarantees and protections offered by each respective type of account as well as the differences in liquidity/loans, types of investments, fees, and any potential penalties.

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Issued by:
State Farm Mutual Automobile Insurance Company
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Bloomington, Illinois

Each insurer is financially responsible for its own products.

Neither State Farm® nor its agents provide tax or legal advice.