In December 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law, bringing the biggest legislative changes to America’s retirement system in 13 years. Changes included requiring businesses to let long-term, part-time workers become eligible for retirement benefits, and making it easier for small businesses to band together to offer retirement plans.
One of the changes involved inherited retirement accounts. Instead of heirs being able to take required withdrawals over the course of their life, money needs to be withdrawn within 10 years of the original account owner’s death. “That’s obviously a negative for inherited traditional IRAs and for Roth IRAs that used to stretch over the beneficiary’s lifetime,” said certified financial planner Mike Hennessy, founder and CEO of Harbor Crest Wealth Advisors in Fort Lauderdale, Florida.
Learn more about the SECURE Act in this December 2019 CNBC article, "Big changes coming in how you save for retirement."
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