SECURE (Setting Every Community Up for Retirement Enhancement) Act, Part 2 Workers/Families
The SECURE Act was created to help individuals with retirement. This Act affects people differently depending on their stage in life. We will keep going through each stage in our next couple posts.
- 529 account funds can pay for qualified student loan repayments up to $10,000/year.
- Allows penalty-free withdrawals for up to $5,000 from 401(k) or IRA accounts for having/adopting a child.
- Long-term part-time workers are allowed to participate in retirement plans once they reach 1,000 hours worked in one year or 500 hours worked in three consecutive years.
- Inherited retirement accounts must be fully withdrawn within 10 years.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!