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Retirement

Thursday, January 16, 2020

The SECURE Act and Your Estate Plan


On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The Act became effective on January 1, 2020 and impacts retirement accounts. Among other things, the Act increases the start date for required minimum distributions (RMDs) from 70 ½ years of age to 72 years of age, eliminates the contribution age limit for qualified accounts, and allows penalty-free withdrawals of $5,000 for the birth or adoption of a new child. One of the more  significant and key provisions of the Act changes the way designated beneficiaries receive the funds after the account owner has died. 

In the past, designated beneficiaries had the opportunity to “stretch the account” – taking distributions over their individual life expectancy.
Read more . . .


Friday, August 31, 2018

The 10 commandments of retirement

I came across a good, concise, article on retirement that I want to share.  It was written by Richard Quinn and appeared on the Market Watch website.  (See Richard Quinn, The 10 Commandments of Retirement, Market Watch, August 22, 2018.) 

The author reminds us that, when it comes to retirement, don’t overly fixate on the issues were told that many Americans face, such as: keeping Social Security solvent; making Medicare affordable; that many of us aren’t saving enough; that we as a population want to retire earlier than we can reasonably afford, etc.  Many people have ideas and suggestions on how to "solve" the retirement crisis in America, but in the end, you don’t need to worry about all Americans.

 


Read more . . .


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