Financial Planning: Getting Smart About The SECURE Act, Part 2

January 14, 2020 by Wire Reports

In last week’s column, I discussed three key provisions of the SECURE Act that will likely affect the way you handle your IRA. These provisions went into effect on Jan. 1 and include 1) eliminating the stretch provision on inherited IRAs, 2) increasing the RMD age from 70½ to 72, and 3) allowing individuals older than 70½ to make contributions to traditional IRAs.

This week we are going to dig a little deeper into the SECURE Act. We will first look at a potential trap for IRAs that have trusts as their beneficiaries. We will then highlight some provisions of the SECURE Act designed specifically to help young people.

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Originally Posted at InsuranceNewsNet on January 2, 2020 by Wire Reports.