SECURE (Setting Every Community Up for Retirement Enhancement) Act, Part 1

 In Tax Tips

The SECURE Act was created to help individuals with retirement.  This Act affects people differently depending on their stage in life.  We will go through each stage in our next few posts.

For retirees:

  • RMD (required minimum distribution) age increased to 72 (from 70.5).
  • The maximum age for traditional IRA contributions is repealed (was 70.5) as long as you have earned income.
  • Inherited retirement accounts must be fully withdrawn within 10 years.

If you have any questions on how the SECURE Act affects you specifically, please give us a call!

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