Apr 01, 2020 5:39 PM
Scott Tagliareni w New York Life
The Secure Act (2019) & Retirement Planning

Key Takeaways

  • The SECURE Act became law on Dec. 20, 2019.
  • The SECURE Act will make it easier for small business owners to set up “safe harbor” retirement plans that are less expensive and easier to administer.
  • Many part-time workers will be eligible to participate in an employer retirement plan.
  • The Act pushes back the age at which retirement plan participants need to take required minimum distributions (RMDs), from 70½ to 72, and allows traditional IRA owners to keep making contributions indefinitely.
  • The Act mandates that most non-spouses inheriting IRAs take distributions that end up emptying the account in 10 years.
  • The Act allows 401(k) plans to offer annuities.