TSP questions with Stephen Zelcer

Q&A: Will I need a double RMD in 2021? 

Question

Due to the waiving of RMDs in 2020, If I am 71 now and retire in November 2020 when must I take the first RMD from the Thrift Savings Plan?
Another way to ask the question is the following:
For a person who is 71 now and possibly planning to retire in November, that person would need to take a Thrift Savings Plan RMD this year (or at least by April 2021) and then another RMD by the end of 2021. With the COVID waiver of RMDs in 2020, can that person just take one RMD by the end of 2021?

Answer

Good question!  You would’ve needed to take your RMD in 2020 since you were 70.5 in 2019, before the new Secure Act kicked in and pushed the RMD age to 72.   
But due to the Cares Act, you will not need to take an RMD in 2020, nor will you need to take a double RMD in 2021. 

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