Have you heard about the SECURE Act?
Posted: Ashley Cornner-Patel
The SECURE Act, assuming it does pass and becomes law, will implement many changes that will affect everyone. It passed in the House back in May, however, it’s been held up in the Senate with little movement, until now. This week, some key Senators sent a public letter to the Senate Majority Leader, urging him to allow an immediate vote on it. Once it’s up for a vote, The SECURE Act is expected to easily pass due to it’s bi-partisan support.
Some of the major changes include: delaying when Required Minimum Distributions (RMD) will need to start (beyond the current age 70.5), accelerating the payout schedule on new beneficiary IRAs, allowing IRA contributions beyond age 70.5, more flexibility in regards to how 529 Plan funds can be used, changes to 401k plans, etc. Please click here to learn more from Jamie Hopkins regarding The SECURE Act.