On January 1, 2020 the Setting Up Every Community for Retirement Enhancement (SECURE) Act went into effect. The SECURE Act will impact your retirement savings, and may also affect the estate planning that you currently have in place.
Here are key areas in which the SECURE Act may you or your family:
Required Minimum Distributions (RMDs) start at age seventy-two (72). Individuals who are not 70½ at the end of 2019 can now wait until age 72 to begin taking their required minimum distributions from their IRA. This change provides you with additional time for your IRA account to grow.