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