In recent years, Congress passed two of the biggest retirement planning laws in decades. First, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law on 12/20/2019. This law brought sweeping changes to retirement planning. Key provisions of the act include:

• Pushing back the starting age for required minimum distributions (RMDs) from 70.5 to 72
• Increasing the employer tax credit for establishing qualified retirement plans, and
• Adding an exception to the early withdrawal penalty for adoption expenses.

Notably, this law also closed a classic loophole for “stretch IRAs” that allowed non-spousal beneficiaries to extend RMDs over their lifetimes.

Please select this link to read the complete article from OSAP Strategic Partner Clark Schaefer Hackett.