Hey everyone, today we are going to talk about the Setting Every Community Up for Retirement Enhancement Act. Better known as the SECURE Act. This act has many provisions which could have meaningful implications to your retirement. The first major change created by this new law affects Required Minimum Distributions which will now start at age 72 instead of 70 and a half. If you turn 70 and a half in 2020, you will no longer have to take your required minimum distribution until age 72. The second major change allows retirees over the age of 70 and a half to contribute to their traditional IRAs as long as they have earned income. The third major change with the secure act involves inherited retirement accounts, non spouse beneficiaries must liquidate or distribute the entire proceeds within a ten year period. This could have meaningful implications to future cash flows for beneficiaries. To learn more about the secure act and how it may affect your retirement income, please call our office at 321-868-0732 to review your financial plan.
The SECURE Act
December 07, 2020