On December 20, 2019, the SECURE Act was signed into law. The attached piece penned by Transamerica is an excellent summary of the new law and worth your time to read. The Act has many provisions, however, the most discussed include:
- Allow contributions to retirement accounts after attaining age 70 ½.
- Delay required minimum distributions from retirement accounts until age 72.
- Eliminate the lifetime (stretch) IRA distribution method for non-spouse beneficiaries and generally require payouts over 10 years.
The loss of the “stretch” IRA distribution method may have a significant impact on your estate plan and may require additional planning. Several planning options are being discussed to deal with this law change. Should you have any questions or wish to discuss the new law’s impact on your plan, please do not hesitate to contact us.
As always, we thank you for your business and for your continued trust.