The Secure Every Community Up for Retirement Enhancement (SECURE) Act was passed in December 2019. It includes reforms to increase access to plans in the workplace and expand retirement savings. This legislation includes changes that can affect defined contribution plans, defined benefit plans, individual retirement accounts and 529 plans. The Secure Act went in to effect on January 1, 2020. It changed the Required Minimum Distribution (RMD) requirements for inherited accounts and increased the age that you are required to start taking your RMD.
This quarterly newsletter we wanted to relate with some of our clients that have gone through a meaningful transition or are approaching one. Some meaningful transitions we encounter with clients can include; becoming a parent, job change, divorce, someone passing away, and retirement. From our experience, here are a few suggestions.