LEGAL ALERT: The New SECURE Act – A Boon for Seniors But Not so Much for Their Heirs

Alert! Key Legal Update

The president recently signed into law the Secure Act, which goes into effect on January 1, 2020, and which is an acronym for Setting Every Community Up for Retirement Enhancement Act. As the name suggests, the focus of the secure act is on retirement planning, but has several provisions.  These provisions include raising the age for required minimum distributions of IRAs and 401Ks from 70 to 72; allowing working individuals to make contributions to IRAs after age 70 ½; allowing small businesses to join group 401K plans; allowing 401K plans to include annuities; and allowing 529 plans to repay up to $10,000 in student loans. […]

%d bloggers like this: