2020 Changes to IRAs

2020 Changes to IRAs
The Setting Every Community Up for Retirement Enhancement (SECURE) Act which is intended  to expand opportunities for individuals to increase their retirement savings, became law  on January 1, 2020. 

Important retirement account changes from the SECURE Act include:

•      The required minimum distribution age increases to 72, up from 70 1/2.
•      You can contribute to your traditional IRA after age 70 1/2.
•      Inherited retirement account distributions must now be taken within 10 years.
•      New parents can take penalty-free withdrawals.
•      Long-term part-time employees will now be eligible for 401(k) plans.

For more information, see PremierAmerica.com/SecureAct.

Please contact your Tax or Financial Representative for questions on how these provisions may affect you.