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


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FinFrThe SECURE Act and Its Impact on Your Retirement

In this episode, John discusses the SECURE (Setting Every Community Up for Retirement Enhancement) Act. It was signed into law on December 19, 2019. He’ll explain 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 on financial planning at various faculties. He is also a seven-time Five StarSM Wealth Manager Award winner. John is the former president and chairman of the Rotary Club of Red Bank Foundation.

John’s strength is his ability and commitment to improve the level and quality of the financial planning process.

As a result, his dedication to his clients’ growth involves an evolving strategy. His focus is to meet the demands, desires, and needs of his clients in a changing economic environment.

Don’t miss John’s key points:

  • Firstly, 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.)
  • Also, 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. This, may push them into a higher tax bracket. This may impact college planning or other benefits.

And more:

  • Furthermore, current Stretch IRAs appear to be grandfathered in. This means that 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. Also, 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. This refers to educational loans and an increase of the tax credit for retirement plans sponsored by small business owners.

Finally, 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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