The SECURE Act Passed, But What Does it Mean?
From the Fleming & Curti, PLC blog by Robert Fleming
Congress passed the SECURE Act last week, as part of a larger spending bill. It will become effective on January 1, 2020. You might not have read very much about it, or know how it affects you. Maybe we can help.
SECURE stands for “Setting Every Community Up for Retirement Enhancement.” That might have been a tongue-twisting stretch to get a catchy acronym, but you’ll never have to know the Act’s full name again. Just know that it will affect most Individual Retirement Accounts, 401(k) and other retirement accounts.
Among the changes are some affecting people who are already in minimum-withdrawal territory. Other changes affect people named as beneficiary of a retirement account. Let’s look at some of those new rules.