The new SECURE Act brings changes to long term retirements savings and tax laws for both workers and retirees. As part of a large government spending package signed into law in late 2019, congress laid out provisions from the Setting Every Community Up For Retirement Enhancement (SECURE) Act. This act includes many overdue changes that could make retirement saving much easier and more accessible for many Americans.
A few important retirement account changes from the SECURE Act include:
- Required minimum distribution age has been changed from 70 1/2 to 72 years of age
- The age limit for IRA contributions has been removed altogether
- Non-spousal inherited retirement account distributions have to be taken within 10 years
- Long term part-time employees are now eligible for 401(k) plans.
Click the attachment below for a more in depth explanation of the secure act :