The SECURE Act has passed! We believe some clients will be impacted in one of these three ways. Download our free report on Estate Planning with IRAs to read more.
1. The Required Minimum Distribution (RMD) Age was increased from 70 ½ to 72.
2. If you are over the age of 70 ½ and have earned income, you can continue to contribute to your traditional IRA.
3. Lastly, there were changes to eliminate “Stretching” an inherited IRA for non-spouses.
Now, the SECURE Act requires most non-spousal beneficiaries to withdraw 100% of the inherited IRA over a 10-year period. This change would likely only impact IRA heirs that are set to inherit a large amount since smaller IRA amounts are typically used up within 10 years by most.