The Setup:

Attention has turned to the new SECURE Act to begin the new year and for good reason. This marks the first significant retirement legislation in years and it’ll be impacting both retirees and pre-retirees. What changes should you be planning for and what other considerations need to be made? That’s what we’ll be discussing on this episode.

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Click the timestamps below to skip to a specific topic in the episode.

The Combination and Key Points: 

If you weren’t paying attention over the holidays, you might have missed the SECURE Act getting signed into law right before 2019 came to an end. It’s something we’ve been reading about and researching for a little while but it all came together very quickly.

Now it’s a conversation we’re having with our clients. Everyone wants to know what this means for their retirement plan and what adjustments will need to be made. We’ll continue having those discussions, but we wanted to bring that topic to the podcast and give you an overview of the SECURE Act and what’s most important for you to know now.

That’s what Ben will do on this episode of Unlocking Your Financial Future. We’ll start with the basics of how it got passed before really diving into the age changes for required minimum distributions and the future of the Stretch IRA. It’s a bit of a catch-22 because you have more time to invest in your retirement account but that could also mean a larger tax hit if you pass it along to a beneficiary.

That’s why the planning process becomes extremely important. Work with an advisor to understand these SECURE Act changes and how they impact you specifically. In the meantime, hopefully this episode serves to provide you some of the information you’re looking for.

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!

0:32 – Everyone is talking about the SECURE Act to begin 2020.  

1:30 – Getting to Know Ben: What does your morning routine look like?

3:36 – How did the SECURE Act get passed?

4:47 – Ben thinks the RMD age might be the most significant change.  

5:54 – Are Roth conversions going to become a big part of planning now?

6:59 – The Stretch IRA going away is another big change.

8:47 – Do you feel this is a good thing?

10:42 – How do annuities factor in to this legislation?

11:48 – Anything else we need to know about the SECURE Act?

12:49 – It’s always best to read through everything yourself to get a better understanding.


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