Life moves quickly. It’s easy to get distracted. But that can be costly.
Miss an important financial date or deadline, and you could be on the hook for a penalty or lose out on a limited-time opportunity to save money.
Enter our money calendar series.
In this edition, we’ve rounded up the noteworthy money-related dates that are coming up in March 2020. Take a look and mark your calendar with any dates that apply to you.
March 8 — Daylight Saving Time starts
While it’s not an inherently financial event, we wanted to remind you that time will “spring forward” at 2 a.m. local time on Sunday, March 8.
Don’t forget to set your clocks ahead so you’re not late for work or appointments the next day.
March 31 — Medicare Advantage open enrollment period ends
As if Medicare isn’t complicated enough, this federal health insurance program primarily reserved for folks age 65 and older has not one but two annual open enrollment periods.
The annual fall Medicare open enrollment period runs from Oct. 15 through Dec. 7, while the annual open enrollment period for Medicare Advantage plans runs from Jan. 1 through March 31.
Medicare Advantage, one of the two main types of Medicare, is coverage offered by private insurance companies, such as HMOs and PPOs, that are approved by the Medicare system. (The other type, Original Medicare, is the traditional government-managed health insurance coverage.)
During the current enrollment period, folks with Medicare Advantage plans (with or without prescription drug coverage) have the option to do one of the following:
- Switch to a different Medicare Advantage plan (with or without drug coverage).
- Switch from Medicare Advantage back to Original Medicare (with or without also enrolling in a drug plan).
To learn more about Medicare Advantage, check out:
- “Seniors Rate These 5 Medicare Advantage Plans Highest“
- “5 Extra Perks Covered by Many 2020 Medicare Advantage Plans“
- “5 Medicare Mistakes to Avoid for a Healthy Retirement“
April 1 — RMD deadline for people who turned 70½ last year
We’re including this deadline with the March dates to give you more of a heads-up about it. Because if this deadline applies to you and you miss it, you could owe the IRS big, as we detail in “Beware These 3 Tax Penalties on Retirement Accounts.”
Required minimum distributions (RMDs) are a minimum amount of money that the IRS requires you to withdraw from most types of retirement accounts each year starting in the year in which you reach a certain age.
A recently enacted federal law increased that age from 70½ to 72 — but only for folks who reach age 70½ after Dec. 31, 2019.
That means folks who turned 70½ during 2019 still must take their first RMD by April 1, 2020 — and the IRS confirmed this recently. (The deadline for your first RMD is April 1 of the year after you turn 70½ or 72, depending on your situation. After that first year, the RMD deadline is always Dec. 31.)
Would you add any dates to this list? Share in a comment below or on our Facebook page.
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