The Setting Every Community Up for Retirement Enhancement Act, also known as the Secure Act, was signed into law by the president on December 20 this year. The intent of this new law is expand opportunities for individuals to increase their retirement savings. What it means • The age at which you are required to take a minimum distribution (RMD) is delayed to age 72. • Non-spouse inherited IRAs are subject to a 10-year withdrawal time limit. • Individuals who are still working past the age of 70.5 can still contribute to a traditional IRA.
Secure-Act signed into law
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