Report – Secure Act 2020 Report
President Trump signed The SECURE Act into law on December 20, 2019—with many of its new provisions taking effect January 1, 2020. The SECURE Act, which stand for “Setting Every Community Up for Retirement Enhancement”, is intended to strengthen retirement security across the country.
Although the changes bring much-needed updates that could be beneficial to you, it’s important to make sure you are working with up-to-date information so you can avoid any costly mistakes.
For example, prior to the implementation of The SECURE Act, the IRS mandated that you start taking Required Minimum Distributions (RMDs) from your qualified retirement accounts in the year you reach age 70 ½.
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