Why SECURE Act Matters to You The age has changed at which a person must begin withdrawing from a retirement plan By Attorney Ashley L. Hawley, Ruder Ware, L.L.S.C. The SECURE Act, a federal law enacted on December 20, 2019, made significant changes to how retirement assets, including 401(k) plans and other IRA’s, are treated both during our lives and for our beneficiaries after death. This article will briefly summarize the aspects of the Act that likely matter most to you. DURING YOUR LIFE One component of the SECURE
Act that will affect many people during their lives is a change in the age at which a person must begin withdrawing from a retirement plan. Pre-2020, a person was required to begin taking distributions from their retirement plans when they attained age 70 ½. Under the new law, the age is increased to 72. The Act also removes the age cap for funding traditional (non-Roth) IRA’s, meaning individuals over age 70 ½ are
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now able to make contributions so long as they are earning income. AFTER YOUR DEATH Perhaps the most significant estate planning change has to do with how retirement plans may be distributed and taxed after the account holder’s death. If you were the beneficiary of someone else’s retirement assets, you are probably familiar with the concept continued on pg. 48
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