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Investment Answers Winter 2020 News

January 3, 2020
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With the turning of the decade, many important changes for inherited IRAs have gone into effect.  As of January 1, 2020, the SECURE Act (Setting Every Community Up for Retirement Act of 2019) has gone into effect.

This Congressionally approved bill is intended to: 1) Help reduce the costs associated with setting up retirement plans for small employers, 2) Increase access to lifetime income options (annuities) inside of retirement accounts, 3) Make significant changes to the Required Minimum Distribution (RMD) requirements of IRAs, and 4) Make changes to the IRA contribution restrictions allowing for continued contributions beyond age 70 1/2.

This new law has the potential, according to the Congressional Research Service, to increase tax revenue by $15.7 billion dollars just in Federal tax revenue, not to mention State tax revenues for Inheritance and Income taxes.

Because this is the largest retirement planning bill since the Pension Act of 2006, we will be utilizing our presentations and published content as ways to get as much information to you as possible to help you better understand how these changes can impact your accounts, your beneficiaries, and the retirement planning adjustments you may need to make.

Please consider joining us for our State of the Markets events in March where this will be addressed in detail.  We will also reference some key points from the SECURE Act during our February and March Social Security presentations and in our Empowering Women Investors events.

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