Brief discussion of major changes for IRAs
1. Required Minimum Distributions (RMDs) Will Start at Age 72, Not Age 70½
2. You Can Contribute to Your Traditional IRA After Age 70½
3. Elimination of “Stretch” IRAs…(read more)

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The Setting Every Community Up for Retirement Enhancement (SECURE) Act is a piece of legislation that was signed into law in December 2019. The act is aimed at making it easier for Americans to save for retirement and to ultimately secure their financial future.

One of the key provisions of the SECURE Act is the increase of the required minimum distribution (RMD) age for retirement accounts from 70 ½ to 72. This means that individuals can now delay taking withdrawals from their retirement accounts, allowing their investments to potentially grow for a longer period of time.

Another significant change brought about by the SECURE Act is the expansion of access to workplace retirement savings plans. The act makes it easier for small businesses to join together to offer 401(k) plans to their employees, a move aimed at increasing access to retirement savings options for workers at smaller companies.

The SECURE Act also includes provisions to encourage the use of lifetime income options in retirement plans, and makes it easier for workers to continue contributing to their retirement accounts past the age of 70 ½ if they are still working.

In addition, the SECURE Act includes measures to help parents save for their children’s education, such as allowing penalty-free withdrawals from retirement accounts for the birth or adoption of a child. The act also provides for the option for employers to automatically enroll employees into their company’s 401(k) plan, with the ability for employees to opt out if they choose.

Overall, the SECURE Act is aimed at addressing the changing landscape of retirement in America and providing more opportunities for individuals to save for their future. By increasing access to retirement savings plans, providing more flexibility in how and when individuals can save for retirement, and encouraging the use of lifetime income options, the SECURE Act seeks to improve the financial security of Americans as they plan for their golden years.

It’s important for individuals to educate themselves about the provisions of the SECURE Act and how it may impact their own retirement planning. Consulting with a financial advisor or retirement planner can help individuals understand the changes brought about by the act and make informed decisions about their own retirement savings strategy.