Congress just passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019. Its purpose is to improve the nation’s retirement system by helping more people build and sustain their financial futures. President Trump is expected to sign the bill into law as early as today. This act will impact all age groups and some features are quite significant: the age at which people need to start taking required minimum distributions (RMD) has increased to age 72; removal of the age limit restricting IRA contributions; eliminating the ability to stretch tax advantages of inherited IRA’s; etc. For younger investors: the act allows 529 plan distributions to pay off student debt, up to $10k; distributions from 401(k) plans to help with costs relating to a child’s birth or adoption, up to $5k and without penalty; etc. There are a lot more features within the bill. We are working through details and will have more to come. Please read through the article below for more information.
