How The SECURE Act Might Impact Your Retirement Planning

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The Story:

The SECURE Act passed in the House and brought with it 29 provisions that would change some of the decisions and actions you’ll take when planning for retirement. What are some of the top things you should be aware of?

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The Show:

The SECURE Act passed at impressive margin of bipartisan support in the House. Meanwhile, RESA is on hold but working through the Senate. But what do these bills mean for you and your financial future?

While there are 29 provisions in the SECURE Act, which stands for “Setting Every Community Up for Retirement Enhancement” Act, today Don will focus on three. To provide some simplicity and flexibility, the required minimum distribution age will shift. There will also be a change in the age limitation on IRA contributions.

The provision that might feel more negative than positive is the removal of the stretch IRA. In the past, the stretch IRA was a great strategy to implement when an IRA was passed down to heirs. But is there anything that can be done about it now?

To finish out the episode, we will get to know a bit more about Don and then answer a question from the mailbag about long-term care.

Check out the entire episode to hear more or click the timestamps below to hear a specific segment.

[2:05] – One of the provisions in the SECURE Act would raise the required minimum distribution age to 72.

[7:08] – The new bill removes the age limitation on IRA contribution.

[8:18] – The option for a stretch IRA for heirs has been removed, which is one of the negative sides of the bill.

[11:21] – Contact your senators to let them know about your thoughts, especially about the stretch IRA being removed.

[12:20] – Getting to Know You: What is Don’s greatest accomplishment?

[15:15] – Cash Connection: Are all long-term care insurance policies so expensive?

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About Don:

Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advoctaes a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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