The recently passed appropriations bill includes the long-awaited SECURE (Setting Every Community Up for Retirement Enhancement) Act and other retirement-related rules. This act went into law on January 1, 2020.  This is the most significant change in retirement plan rules since 2006. 

Here is a summary of the major components:

  • The minimum distribution age increased from 70 ½ to 72
  • No more stretch IRAs, beneficiaries must withdraw all assets of an inherited account wit
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John Saccardi, CPA explains the recent changes to 529 Plans.

College Savings Plans (529 Plans) can provide great tax benefits to people trying to save for their children’s or grandchildren’s college education.  These plans can be set up for just about anybody though (a relative, friend or yourself)!

Prior to the Tax Cuts and Jobs Act (TCJA), 529 Plans already offered the following benefits:

  • All Distributions, including earnings (which are considered capital gains), use
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