SECURE Act: How it Can Affect Your Estate Planning
When Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act — which took effect on Jan. 1, 2020 — it created a mixed bag of benefits and new requirements for Americans saving for retirement. The law was also a way for the government to get access to retirement savings sooner so that money could be taxed. Anyone hoping to actually be more secure needs to give those benefits and requirements a closer look.
The SECURE Act’s main changes affected defined contribution plans, such as 401(k)s, defined benefit pension plans, individual retirement accounts (IRAs) and 529 college savings
