4 Reasons Retirees Should Care About the New Coronavirus Stimulus Package

Yes, the possibility that you’ll get a stimulus check is definitely something to care about, but there are other aspects of this act involving taxes and RMDs that could directly affect retirees like you.

Older man on a bike in the woods.
(Image credit: Getty Images)

On Dec. 4, I received a text from a college roommate asking if I thought another round of stimulus would pass before Congress adjourned for the year. He owns six restaurants and bars that are honoring severe occupancy limits and are surviving thanks to takeout, PPP and EIDL loans. In the current political environment, I told him at the time, I would never bet on a deal getting done, unless it was part of a much bigger deal necessary to keep the federal government funded and open. And, sure enough, on Dec. 27 President Trump reluctantly signed the 5,593-page “Consolidated Appropriations Act of 2021.” The largest, by dollar, and longest, by length, spending bill ever passed, includes $900 billion of coronavirus relief.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Evan T. Beach, CFP®, AWMA®
President, Exit 59 Advisory

After graduating from the University of Delaware and Georgetown University, I pursued a career in financial planning. At age 26, I earned my CERTIFIED FINANCIAL PLANNER™ certification.  I also hold the IRS Enrolled Agent license, which allows for a unique approach to planning that can be beneficial to retirees and those selling their businesses, who are eager to minimize lifetime taxes and maximize income.