At the last moment in December Congress passed legislation to keep the Government open; Tacked on to this was the Secure Act (Setting Every Community up for Retirement Enhancement).
Specifically it may have implications to many that reside in SCA.
***Starting January 1, 2020 the RMD (Required Minimum Distribution) from your IRA's and other vehicles are no longer required at 70 1/2; the RMD will now be required when you reach the age of 72; also no longer will there be the 1/2 year issue.
***Previously when you reached the age of 70 1/2 you could no longer contribute to an IRA, even if you had "earned income.Now you can contribute as long as you have earned income regardless of your age.
***The Qualified Charitable Distribution Rule does not change.
***"The Stretch" provision for a Non-spouse beneficiary is reduced to a 10 year period from a lifetime distribution.
*** There are several other changes regarding 401K; Plans for small businesses and others, however the items noted above are most likely to impact the SCA community.
From Peter Brown...to...Anthem Opinions
ReplyDeleteAt the last moment in December Congress passed legislation to keep the Government open; Tacked on to this was the Secure Act (Setting Every Community up for Retirement Enhancement).
Specifically it may have implications to many that reside in SCA.
***Starting January 1, 2020 the RMD (Required Minimum Distribution) from your IRA's and other vehicles are no longer required at 70 1/2; the RMD will now be required when you reach the age of 72; also no longer will there be the 1/2 year issue.
***Previously when you reached the age of 70 1/2 you could no longer contribute to an IRA, even if you had "earned income.Now you can contribute as long as you have earned income regardless of your age.
***The Qualified Charitable Distribution Rule does not change.
***"The Stretch" provision for a Non-spouse beneficiary is reduced to a 10 year period from a lifetime distribution.
*** There are several other changes regarding 401K; Plans for small businesses and others, however the items noted above are most likely to impact the SCA community.