Group Extends Help For Senior Citizens To Receive Benefits Quicker

Thursday, July 30th 2020, 6:30 pm
By: Tevis Hillis


As COVID-19 continues to tug at the economy and people's pockets, one financial advisor tells said there is hope, especially for retired citizens.

Some rules regarding retirement assets have changed through federal stimulus packages.

The CARES Act gives Oklahomans more flexibility to take an emergency withdrawal from their retirement accounts.

"For people who are not 59 ½ (years old) can take money out of their IRA and be exempt for the 10% penalty," Staton Financial Group owner Scott Staton said.

There is a cap of $100,000 on withdrawals.

Those who withdraw will have to pay taxes on it at a later date. 

A third of what you take out will be included as income over the next three years or pay it back if you're able to do so.

"Taking contributions out and paying them back over or spread the tax out is a big benefit for everyone,” Staton said.

The secure act is one of the most important for senior citizens.

"For seniors, they have a lot of opportunities,” Staton said. “There is not all doom and gloom.”

But Staton said one of the easiest things to do is to help your favorite non-profit organization.

"Qualified charitable distribution is one of the biggest benefits in the tax codes for them," Staton said. 

If you have any uncertainty about the process, Staton said to seek out assistance.

"Getting the right advice from a certified specialist can give you guidance," Staton said.