Don't forget plight of already-retired

Economic advisers are surely correct in urging people with 401k's, 403b's, IRAs of all kinds not to panic and cash them in while the market is down. Those nearing retirement age are advised to stay in their jobs a while longer.

However, the media have not addressed the plight of those already retired, particularly those who have passed the magic age of 71 and must take the Required Minimum Distribution from those funds.

A certain percentage of individual retirement funds must be withdrawn by the end of this calendar year, and taxes must be paid on that amount. The RMD is determined by a formula based on life expectancy and what the funds were worth at the end of the previous year.

Considering the exceptional shrinkage that has taken place this year, many retirees will have little, if anything, left for their remaining years. It would be good for the IRS to grant a moratorium on this forced liquidation until April, as is done for those who face the RMD the first time.

Grace Logan

Glen Ellyn