The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which took effect Jan. 1, 2020, aims to improve the nation’s retirement system. It includes 29 provisions, many of which provide new opportunities to save, whether you’re three or 30 years away from exiting the workforce. Key provisions include:
- Required minimum distributions (RMDs) from IRAs and 401(k)s now begin at age 72 (up from age 70½) for those who turn 70½ in 2020. If you turned age 70½ in 2019 and have already begun taking your RMDs, you should continue to take them
- IRA contributions can be made beyond age 70½ for those who are still working
- Withdraw up to $5,000 per parent penalty-free from your retirement plan upon the birth or adoption of a child
- 529 funds can now be used to pay down student loan debt, up to $10,000
Schedule an appointment to talk with a TruMark Financial representative today or call 1-877-TRUMARK.