Changes in Your Retirement with the SECURE Act.
The SECURE Act is an acronym for 'Setting Every Community Up for Retirement'. Highlights include:
Makes it easier for small businesses to set up retirement accounts for employees that should be less expensive and easier to manage.
Not worked out yet, but it will encourage employers to include more annuities in a 401k plan that would or could generate lifetime income (similar to a pension). Transferable with the employee
Part time workers will be eligible to participate in employer retirement bills under the plan (1,000 hours a year or three consecutive years of 500 hours)
Pushes back the RMD age to 72. (If you turn 70.2 AFTER December 31, 2019).
Allows 529 accounts to be used to pay off student loans
Penalty free $5k withdrawal from a 401k for adoption costs
Removal of stretch IRAs. Any inherited IRA must be distributed within ten years now and no longer over a lifetime.
QUESTIONS about any of these changes, do not hesitate to reach out at 720-470-7250 or email@example.com
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As of March 12, 2020
Its an unprecedented time in our history. SO many of our retirees are at risk of a virus with too many unknowns. You have heard all the precautions to stay healthy and safe. Heed the advice. Nothing is more important.
The markets have had a tremendous response to the worldwide Coronavirus. Most of this is the unknown and markets HATE the unknown. Additionally, we all know the economy was inflated and we were due for a correction. Do I think this is the recession? No. I believe there will be a small window this year when markets comes back and gain a bit of loss before the actual recession which IS DEFINITELY coming likely in 2021. SO keep an eye on the markets. If you want to explore strategies on what to do once things settle down, do not hesitate to reach out to our firm. We can provide education, resources and options to ensure your money lasts through retirement. 720-470-7250 or email at firstname.lastname@example.org