In July of 2019, the House passed a new bill titled the “Setting Every Community Up for Retirement Enhancement Act,” or SECURE Act.1 The Senate approved the bill on December 19, 2019, and it was signed into law on December 20 by President Donald Trump.
This sweeping bill offers several adjustments to our current laws surrounding saving and preparing for retirement. It affects people both in retirement and those still working. The SECURE Act is poised to: provide more part-time workers with the opportunity to participate in an employer-sponsored 401(k) plan, adjust the age caps on traditional IRAs and increase access to tax-advantaged retirement savings accounts. It also has significant changes should you inherit an IRA from someone other than your spouse. Below we’re outlining the most prominent changes of this new act and how they may affect your own retirement to expand on the email newsletter we sent out to all of our clients at Avaii Wealth Management.