When the SECURE Act was passed near the end of 2019, it marked the first significant changes for retirement accounts since 2006. Now that the legislation has taken effect, it’s important to understand what’s changing and how that will impact investments this year and beyond. There are two main changes:
- Stretch IRA’s are going away, which can have a huge impact on legacy plans
- The RMD age changed from 70.5 to 72, which means there will be more time to build a retirement portfolio before someone has to start withdrawing
More details on the changes to the SECURE Act can be found here.
Have a great start to the week and read the latest on the stock market below.
Joel Johnson, CFP®
CEO and Managing Partner, Johnson Brunetti