The Secure Act Retirement 2020: Understanding Its Impact - A Retirement Solution or an IRA Tax Grab?
SECURE Act Explained! Retirement Solution? or IRA TAX Grab? (Secure Act 2020) The Secure Act is here, but it is designed to help you plan for retirement or hurt your inheritance? What is the secure act? Video Outline and Time Stamps so you can quickly jump to any topic: • Retirement IRA RMD rules have changed! - 0:37 • More retirement options for part-time employees - 1:14 • Changes to automatic enrollment 401(K) cap - 1:46 • Annuities coming to 401(K)s? - 2:37 • Taxes on inherited IRAs - 2:59 • Exceptions to these rules - 5:58 • Other important provisions of the Secure Retirement ACT - 6:10 • My overall thoughts regarding the secure act - 7:10 Here are some of the key highlights (These are highly summarized) 1. RMD Age (for Some) Pushed Back to Age 72 Right now, those with traditional IRAs have to start taking required minimum distributions (RMDs) by April 1 following the year in which they turned 70 ½. This provision takes effect on January 1, 2020. So, if you’re sla...