Home Business How the SECURE Act changes retirement planning

How the SECURE Act changes retirement planning

by The 100 Companies
senior at computer

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was recently signed into law, making several significant changes to how employers, attorneys and individuals will approach retirement:

• Limitations on “stretch” IRAs.

• Age for beginning required minimum distributions is now 72 (vs. 70 1/2).

• Traditional IRA owners can make contributions beyond age 70 1/2.

• Penalty-free withdrawals for birth/adoption expenses.

• 529 savings can go to repaying student loan debt.

• New rules for small businesses to establish “pooled” retirement plans.

• Expanded eligibility for part-time workers to participate in employer retirement plans.

• Relaxed “safe harbor” rules for setting up small business 401(k) plans.

Brandon A. Betts, Meyer, Unkovic & Scott, bab@muslaw.com

You may also like

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

The SWFL 100
Verified by ExactMetrics