Are You Feeling SECURE about Retirement?
April 15, 2020 by Anthony Pellegrino
Like most legislation these days, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 has some good changes and some not-so-good changes in store for Americans who are near or in retirement. And it will be up to them to decide if the new law — which went into effect in January — truly lives up to its name or its acronym.
While the SECURE Act includes seven major provisions, three could have a direct effect on savers who’ve been saving money in tax-deferred retirement accounts. There are also potential ramifications for their beneficiaries.
Here’s what you need to know:
Required Minimum Distributions (RMDs) now start at age 72.
The number you see at the bottom of your IRA or 401(k) statement every month can be a little misleading. The balance in that account isn’t really all yours; you still owe taxes on it. And Uncle Sam isn’t going to wait forever for the money.
Click HERE to read the full story via Kiplinger
