SECURE Act Update Heading Into 2020

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The Story:

We’ve been keeping an eye on the SECURE Act for months now and recent legislation passed by Congress will make it effective starting in 2020. Get an overview of the adjustments and find out why Don believes this is the most important change to retirement accounts in nearly 15 years.

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The Show:

It’s the final podcast for 2019 and we are turning our attention to new legislation for 2020.

Congress recently passed a new spending bill, which also included the SECURE Act. We’ve been talking about this since the summer of 2019 but it’s now set to take effect in the new year. So what does this mean for you?

We’ll discuss the adjustments, lay out the 3 biggest changes, and provide you with some important notes to consider from the SECURE Act on this episode of Your Money, Your Life. Don Cash will tell you why he feels this is the most important change to retirement accounts since 2006 as well as identify some potential problems you might have to deal with.

We also get into how to protect yourself from online scams after receiving a question from a listener in the Cash Connection segment. Don lists his tips for protecting your accounts and identity, which is so important in the digital age.

It’s a busy show but an important one. You can listen to the entire show in the audio player above or click the timestamps below to skip ahead to a specific segment.

[0:27] – Christmas time is here!

[1:52] – In the News: Congress passed a $1.4 trillion spending bill in December to avert a government shutdown. Included in this was the SECURE Act. Can you give us an update on what this means to listeners.

[3:25] – We reviewed the SECURE Act earlier this summer but there hasn’t been much to update since then.

[4:12] – The 3 biggest changes in the SECURE Act

[5:20] – Some important notes to know.

[6:56] – Don sees some big problems potentially.

[7:48] – Will everyone have to deal with these issues?

[9:00] – The current tax code reverts in the year 2025 so the next few years are important.

[10:21] – Cash Connection: I keep getting these fake emails from people claiming to be Nigerian bankers wanting to send me money. I know it’s fake but my friend opened an email that looked to be from American Express and ended up opening a link to a virus. How can I protect myself from all the scams out there?

[15:25] – Getting to Know Don: Do you have any new year’s resolutions?

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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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