Happy Friday, readers! This weekend’s mailing focuses on the complex and formidable task of planning for health care expenses in retirement. Even the median healthy couple retiring today at age 65 faces a massive projected lifetime health care bill just shy of $300,000. It is clear that retirement advisers are in a good position to help individuals identify and address this incredible challenge.
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.