Ways to Revise Your IRA After the Secure Act
In December 2019, the SECURE Act was signed into legislation. This regulation is one of the most substantial changes to have occurred in the last few years. As a result of the SECURE Act, IRAs and required monthly distributions can end up having a substantial impact on your estate plans. It is critical to understand how you might consider revising your estate plan to reflect these changes. Know What the SECURE Act Does Before you make any changes to your estate plan in light of the SECURE Act, you should appreciate what changes result from this new law. The SECURE Act has two substantial benefits for people interested in retirement planning at the price of increased obstacles for heirs. These changes include: There is no longer an age limit for IRA contributions. This means that people can continue to save for retirement past the age of 70. Required minimum distributions now begin at the age of 72 rather than 70.5. This change gives accounts additional time to mature, which means that savings will be as large as possible. With the exception of spouses, “stretch” IRAs which allow beneficiaries to stretch out IRA distributions over their lifetime are removed. Now non-spouse Read More