Virtual Appointments Available for Your Investment Questions

You’re not alone if financial questions have been on your mind, especially given current market conditions and the unusual times in which we find ourselves.  We’ve assembled some common questions we’ve been hearing as a helpful guide – please view our Q&A list down below.

If you have additional questions or would like guidance on your investment or retirement accounts, we invite you to schedule a virtual appointment with Michael Pugliese, SPF Financial Advisor at Dedham Savings Investment Center. There is no charge or obligation for this virtual consultation. Plus, you can chat with Michael from the comfort of your home.  All you need is a phone to chat by traditional phone call or a Smartphone, computer or tablet and a dependent internet connection to chat over WebEx.

To schedule a Virtual Consultation via WebEx or Phone, contact Michael today.


Michael Pugliese
Financial Advisor | Sorrento Pacific Financial, LLC
Assistant Vice President | Dedham Savings
Phone: (781) 320-4805








Do I need to take my 2020 Required Minimum Distribution (RMD) from my Individual Retirement Account (IRA) by the end of the year? 

There were some changes to the rules governing RMDs at the very end of 2019.  But with the CARES Act signed at the end of March 2020, RMDs will not apply to employer-sponsored Plans and IRAs for calendar year 2020.

Since the Required Minimum Distributions (RMDs) have been waived for 2020, will my annual, automatic distribution be calculated and sent to me this year? 

Although the requirement to take the distribution has been waived for 2020, many retirees have set up automatic distributions from their IRA accounts with the financial institution that holds the account.  In many cases, the institution does not know whether or not IRA holders want to take the distribution or not.  Since, in many cases, they have a signed form on file, they may continue to process your requested RMDs unless you instruct them to stop sending payments.

Are there any recent changes that may allow me to take a penalty-free distribution from my retirement plan prior to age 59 1/2? 

As part of the CARES Act, the 10% early-distribution penalty tax that would normally apply to distributions made prior to 59 1/2 is waived for retirement plan distributions up to $100,000.  Although the penalty is waived, such distributions would still be taxable.  Please seek advice from a tax professional before taking any distribution from a retirement plan.  It is also recommended that you meet with a financial professional before taking a premature distribution from retirement accounts.

My automatic payment for my child’s student loan has been suspended.  Why did this occur and when will it begin to be deducted again?

Under the CARES Act, there was a six-month suspension for automatic payments on any student loan held by the federal government.  This suspension is scheduled to end on September 30, 2020.

Is it possible for me to earn higher interest rates on my deposits in today’s environment? 

As an SPF Financial Advisor, Michael has access to a wide variety of alternative products, some of which have competitive fixed interest rates tied to them.  Michael is available to discuss these and other options with you during your virtual appointment.


Non-deposit investment products and services are offered through Sorrento Pacific Financial, LLC (“SPF”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Consultant. Products offered through SPF: are not FDIC or otherwise federally insured, are not a deposit or guarantee of the bank, and may involve investment risk including possible loss of principal. Investment Representatives are registered through SPF. The Bank has contracted with SPF to make non-deposit investment products and services available to bank customers. †For specific tax advice, please consult a qualified tax professional.