Notable ways the SECURE Act affects your retirement savings

SECURE Act was designed to help smooth out some minor road blocks to retirement savings – like removing the IRA age limitation for contributions and expanding the start date of RMDs as well as providing for options around avoiding early distribution penalty. Below are high-level FAQs that provide an initial overview of some of the key changes outlined in the Act. For in-depth details regarding the SECURE Act, click here. As always, you should consult with your personal tax advisor regarding your own situation.

What is the SECURE Act?

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is a retirement bill that was included in a larger legislative package passed by the House of Representatives on December 17, 2019 and by the Senate on December 19, 2019. The bill includes reforms to DC Plans, DB plans, IRAs and 529 plans.

What is the impact to contribution rules for traditional IRAs?
How does the law change Required Minimum Distributions (RMDs)?
I reached the age of 70½ in 2019, do I need to take an RMD in 2020?
I inherited an IRA. How will the SECURE Act affect me?
How does the law impact qualified deferred annuity contracts?

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Disclosure: Catholic Financial Life does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Catholic Financial Life cannot guarantee that the information herein is accurate, complete, or timely. Catholic Financial Life makes no warranties regarding such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.
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