Did you know that the President recently signed a bill passed by Congress that makes some huge changes to the rules relating to saving for retirement? This week Brian and Ryan review the SECURE Act, and discuss 10 of the biggest changes that come from the law, including a change to the age when required minimum distributions must be taken, changes in 401(k) options, and how beneficiaries inheriting IRAs are impact. This new law is a BIG deal and we want to help you understand its impact.
Below is the ten items that were reviewed, so you can reference them later:
1. THE RMD AGE HAS MOVED FROM 70½ TO 72.
2. NO AGE RESTRICTIONS ON IRA CONTRIBUTIONS
3. PART-TIME EMPLOYEES WILL HAVE ACCESS TO 401(K)S.
4. PENALTY FREE WITHDRAWALS FOR BIRTH OR ADOPTION OF CHILD
5. ANNUITY INFORMATION AND OPTIONS WILL BE EXPANDED IN 401(K)S
6. THERE WILL BE AN ENHANCEMENT OF AUTO-ENROLLMENT 401(K) PLANS
7. HELP FOR SMALL BUSINESSES OFFERING RETIREMENT PLANS
8. GRAD STUDENTS AND CARE PROVIDERS CAN SAVE MORE
9. CREDIT CARD ACCESS TO 401(k) LOANS WILL BE PROHIBITED
10. STRETCH IRAs ELIMINATED
Music:
Cold Funk - Funkorama by Kevin MacLeod is licensed under a Creative Commons Attribution licence (https://creativecommons.org/licenses/by/4.0/)
Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1100499
Artist: http://incompetech.com/
Tracking ID: 1-939377
