2020 Tax Update: Congress Passed the SECURE Act and How It Affects Retirees
Karl Frank, CFP?, MBA, MSF
Wealth Manager and Owner, A&I Wealth Management
Retirement savers have a win and a loss at the end of 2019.
Who says Congress is tied up with impeachment? Both the House and the Senate passed a Christmas-time bill that gives retirement savers both a gift and a piece of coal.
A gift! Required distributions from retirement accounts will start at age 72
The good news is that if you’re not already of the age 70 ?, then you can delay your required minimum distributions from your retirement accounts until you are age 72.
For decades, the law has required anyone who has a retirement account to begin distributions the year in which they turn 70 1/2. Now, the rule has postponed the required minimum distributions (RMDs) until age 72. That is an age that is much more easy to remember. It's also a benefit for younger retirees, because they can defer taxes a little longer if they don't want to take distributions now....
Continue Reading: https://www.assetsandincome.com/wealth-building-resources/periscope-newsletter/entry/tax-updates-for-retirement-savers