Get to Know the Secure Act
Written by Allison Kierman and Matt Wochos
On December 20, 2019, President Trump signed the Setting Every Community Up for
Retirement Enhancement Act (SECURE Act). The Act is considered the most impactful
legislation affecting individual retirement accounts (IRAs) in decades. The Act has many
notable changes impacting IRA holders and IRA beneficiaries. While some giving occurs, the
IRS also taketh away.
For IRA owners, the Act adjusts the law to account for the increased periods of employment
and life expectancy we experience in the USA. However, the Act negatively impacts the
distribution of an IRA upon the death of the account holder and makes it a less attractive tool
for inheritance.