The Secure Act

The Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act, was approved by the Senate on Dec.19, 2019, and signed into law on Dec. 20 by President Donald Trump.

 Here’s the key takeaways: The SECURE Act will make it easier for small business owners to set up “safe harbor” retirement plans that are less expensive and easier to administer. Many part-time workers will be eligible to participate in an employer retirement plan. The Act pushes back the age at which retirement plan participants need to take required minimum distributions (RMDs), from 70½ to 72, and allows traditional IRA owners to keep making contributions indefinitely. The Act mandates that most non-spouses inheriting IRAs take distributions that end up emptying the account in 10 years. The Act allows 401(k) plans to offer annuities.

There’re more nuances to The Secure Act then what we have time for here but I’d be happy to explain this in more detail and how it will affect you and your retirement. Call 320-679-5183 for a no cost consultation.