In 2020, the Secure Act made sweeping changes to retirement savings, affecting not only how you can save but also how you can distribute these savings.

Right as the Secure Act went into effect, the Cares Act was passed as a response to the Coronavirus. The Cares Act also had provisions which affected retirement savings and distributions and, in a way, overshadowed the larger and more permanent changes of the Secure Act.

The people most affected by the changes in the Secure Act are those who are ages 70 and 71. While those ages are very specific, there are good reasons for it.

The Secure Act also has large implications for those who are planning for retirement but younger than 70 and 71.

It is crucial to understand the changes the Secure Act ushered in and how they affect you in order to make necessary adjustments to your retirement plan, not only to avoid penalties but also to maximize your retirement savings.

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