Find Out How The SECURE Act Affects You
The SECURE Act is in effect.
The SECURE Act (Setting Every Community Up for Retirement Enhancement) passed last year and is effective as of January 1st of this year. Since this act affects every American who has an IRA or any other retirement account, it’s important to know how it will affect you. I am going to provide a brief overview of the areas in which most people will be affected. However Red Feather Financial is hosting an important and informative seminar to cover all the details of this act for our clients in February. Dates for the seminar will be posted on our website soon.
Like most legislation, the SECURE Act offers both financial opportunities and limitations that will need to be considered.
For instance, the Act will allow expenditures from retirement plans for childcare and other qualified expenses within a year of birth or adoption without the penalty. It will also allow certain penalty-free withdrawals to pay off student loans as well as to help small businesses set up retirement plans. And, importantly, because so many Americans are living longer and working longer, it will allow the owner of an IRA to defer required minimum distributions (RMDs) until age 72 instead of age 70 ½. And, as we all know, many Americans are continuing to work well past traditional retirement age. The SECURE Act allows those who continue after age 70 ½ to continue making contributions to their IRAs, allowing their savings to grow that much more.
We will be sending out notices to all of our clients regarding the upcoming seminar in which we will cover all of the aspects of the SECURE Act. We hope to see you there, if not sooner. If there have been significant life events that may affect your retirement plans, you may want to schedule a meeting with us sooner.
Check back soon for the SECURE Act Seminar Date.Share this: