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Ep 25: What Does the SECURE Act Mean For Your Retirement?

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Ep 25: What Does the SECURE Act Mean for Your Retirement?

The Concept:

The SECURE Act took effect at the beginning of 2020 and it brought significant changes to retirement accounts. Let’s break down the new legislation and explain what it means to your plan.

The Reality of the Matter:

If you weren’t paying attention in December, you likely would have missed the SECURE Act getting signed into legislation. Even though we were anticipating it for some time, it came to fruition rather quickly before the year ended.

Now that we’re well into 2020, many of our clients have been asking us about the SECURE Act and what it means for them. They want to drill down and find out exactly what the impact will be on their retirement and their planning process.

So we’ll use the podcast to try and break it all down for you. Mike will first give us an overview of the legislation and why it’s important. Then we’ll run through all of the major changes that have come down for retirement planning. The delay in taking Required Minimum Distributions (RMDs) is one of the biggest and we’ve already seen it affect clients this year.

Then there’s the elimination of the Stretch IRA, increased age for contributions, annuities in IRAs, along with some other tidbits that Mike will share.

This episode of the Retirement Reality podcast will be helpful to those trying to get a better grasp on the SECURE Act, but now is the time to be meeting with an advisor and understanding how this impacts you specifically. The earlier you can make adjustments, the better off you’ll be. If you don’t have an advisor, we’d be happy to meet with you and explain things even further.

Have a listen to the show and let us know if there’s anything else you’re curious about.

0:56 – Here’s what we plan on talking about today.  

1:34 – Most of our clients don’t know the details of the SECURE Act and we’re discussing it with them quite a bit.

2:32 – In the News: Study shows student loans have tripled since 2006 and now stands at $1.6 trillion. How serious is this problem?

6:00 – The SECURE Act got passed at the end of 2019. Here’s an overview of what it means to you.

8:26 – How does the delay in taking your RMDs impact retirees?

9:45 – Two more big changes that came with the SECURE Act involving contributions and Stretch IRAs.

12:17 – If you plan on leaving money behind to your children, what’s the best way to do it?

13:54 – A couple extra tidbits involving the SECURE Act.                                                                         

16:04 – This is significant legislation and it’s a great idea to meet with an advisor.  

16:47 – Mailbag question: I’ve worked with a couple different advisors over the years and like them both. Should I stick to just one or is okay to work with both?

Thanks for checking out the Retirement Reality Podcast. We’ll talk to you again next week.


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