Recent legislation - the SECURE Act - may affect how you plan for your retirement.
Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation.
Here is a look at the changes that have an impact on individuals – some may provide you with tax-savings opportunities; others, however, will not be favorable, and there may be steps to take to minimize their impact.
Click on a "Learn More" button to open a PDF with more information on each topic.
Repeal of the Maximum Age for
Traditional IRA Contributions
Traditional IRA Contributions
Required Minimum Distribution Age
Raised from 70 1/2 to 72
Raised from 70 1/2 to 72
Plans to Cover Apprenticeships and
Certain Loan Payments
Certain Loan Payments
Penalty-Free Retirement Plan Withdrawls
for Birth or Adoption of a Child
for Birth or Adoption of a Child
Taxable Non-Tuition Fellowship and
Stipend Payments
Stipend Payments
Tax-Exempt Difficulty-of-Care
Payments
Payments
Partial Elimination of Stretch IRAs
Kiddie Tax Changes
** This information is provided for general educational purposes only. Before taking any action based on this information, we strongly encourage you to consult with a professional accounting advisor about your specific situation.