Change For 2009 On IRA Accounts

Another change in the law for your IRA accounts has just passed the U.S. House of Representatives who have voted to suspend RMD’s on all qualified accounts for 2009.  Due to what has happened in the markets this past year The Worker,Retiree and Employer Recovery Act (H.R. 7327) suspends the Required Minimum Distributions (the money you are required to take out after age 70 and a half) for 2009 on IRA’s and other plans including 401 k,403 b,457 b.  etc.

Many people ask the question “Why is this happening?”  Americans have seen trillions of dollars evaporate from their retirement accounts over the last few months as a result of our economic crisis.  This relief will help those who do not need to withdraw money from these accounts for one year. 

This suspension is available to everyone regardless of their retirement account balances or what type of account their IRA’s are in.  It is very important that everyone understands the benefit of this suspension for 2009.  If you have any questions about your IRA or similar accounts,we specialize in this area and can answer any questions you may have.  I will always try to keep you up to date of changes.  May everyone have a Merry Christmas and a Happy New Year. 

Eric Scott can be reached at (435) 773-9444 or visit Scott Financial at 352 E. Riverside Dr. # B-4 Saint George,Utah 84790.