The Setting Every Community Up For Retirement Enhancement (SECURE) Act was passed late last year. Since then, its various provisions have been picked apart and dissected from multiple angles. 

In this week’s episode of unsuitable, Wendy Shick, a principal in Rea’s Mentor office and SECURE Act scholar, explains some of the changes that are wrapped up in this legislation and how it will affect you and your employees.

Listen to this episode of unsuitable to learn:

• Required minimum distributions (or RMD) delayed to age 72. With the tax law changes starting in 2018, these types of qualified charitable distributions are even more valuable because the standard deduction amounts were increased and more taxpayers fall under this filing category now.
• New 10-year payout rules after someone passes away – except for spouse beneficiaries. There some exceptions, but most beneficiaries inheriting an IRA will be paid out within 10 years.
• Why Roth conversions may be more important now that the 10-year payout exists.

Learn more about this topic:

• Read: “SECURE Act Ushers In Substantial Retirement Plan Changes”
• Listen: “Episode 230: You Might Need Help Managing Your Employee Benefit Plan If …”
• Read: “What Is Life After Coronavirus? Understanding The Impact During Your Retirement”

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