On May 23rd, the House of Representatives passed a bill known as the Setting Every Community Up for Retirement Enhancement Bill of 2019 (HR 1994), also known as the SECURE Act. This legislation will serve as one of the most significant changes to hit IRA and retirement planning in years. It expands retirement savings, simplifies 401(k) rules, repeals the maximum age for traditional IRA contributions, and increases the required minimum distribution age to 72. Sadly, it also eliminates the stretch distribution of an inherited IRA, and requires distributions from inherited IRAs to occur over 10 years or less. Be sure your IRA planning is not disrupted by this new law and meet with your attorney to discuss how these changes could affect you!
HOW WILL NEW LAWS AFFECT YOUR IRA?
