Pros, Cons and Possible Disasters after SECURE Act
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was attached to a broad appropriations bill at the end of 2019, ushering in the largest retirement planning bill since the Pension Protection Act of 2006.
The SECURE Act has three main areas of impact for Americans:
- To help reduce costs associated with setting up retirement plans for small employers.
- Increase access to lifetime income options (annuities) inside retirement accounts.
- Lastly, and perhaps most importantly, in the short term, the SECURE Act made major required minimum distribution (RMD) rule changes around retirement accounts.
Since the RMD rule changes have the biggest impact on the near term, I put together a short review of what is changing and what you need to do now in order to be prepared.
