EPISODE #052

Secure Act: This is How to Make the Most of the Minimum Distribution (CoSchedule 86)

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5 Ways Your Wealth Is Under Attack Book John Smallwood

5 WAYS YOUR WEALTH IS UNDER ATTACK

If you want to stop the attack, you'll want to get your copy.

The SECURE Act and Its Impact on Your Retirement

In this episode, John discusses the SECURE (Setting Every Community Up for Retirement Enhancement) Act — signed into law on December 19, 2019 — and how it will affect minimum distribution and the items in your retirement portfolio.

John is the author of 5 Ways Your Wealth is Under Attack. He has lectured extensively on financial planning and has received the Five StarSM Wealth Manager Award for 2011, 2012, 2013, 2014, 2015 and 2016.

John’s strength lies in his ability and commitment to continually improve the level and quality of the financial planning process. His dedication to his clients’ growth involves an evolving strategy that strives to meet the demands, desires, and needs of his clients in a continually changing economic environment.

Don’t miss John’s key points:

  • The most exciting change for your retirement planning is the raising of the age for required minimum distribution (RMD) to 72 from 70 ½. This takes effect on January 1, 2020.
  • Another excellent benefit: You will now be able to continue to contribute to a retirement plan IRA after age 70 ½. (Currently that’s not allowed.)
  • A major issue to consider: The elimination of the Stretch IRA. Now, anyone inheriting an IRA will have to receive their distributions over a 10-year period, potentially pushing them into a higher tax bracket. This may impact college planning or other benefits.
    • Current Stretch IRAs appear to be grandfathered in, so beneficiaries of IRAs from people who passed away before December 31, 2019 will be able to continue the lifetime stretch.
  • Great news: Annuities become portable. The lifetime income benefits that come with many products can now be moved when you take another job or retire; they will no longer be subject to surrender charges.

Other impactful parts of the law include a rule change to 529s regarding educational loans and an increase of the tax credit for retirement plans sponsored by small business owners.

This is information you need to know! To hear the entire podcast, listen above. Then click the “let’s get started” button, connect with us on social media, or call us at (800) 797-1000. We’ll help you understand how the Secure Act affects you and your retirement plan.

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Everyone is impacted by these 5 problems. The question is, how big are yours? What impact do they have on your wealth potential? CLICK HERE TO GET THE BOOK