SECURE Act: Opportunities and challenges for retirement planning

Congress rolled out a last-minute plan that alters the tax code and impacts many for 2019 and 2020 taxes.  There is a lot packed into this one, here are the highlights:  

SECURE Act: Opportunities and challenges for retirement planning


1. Eligible Designated Beneficiaries Not Subject To The New 10-Year Rule
2. New Planning Challenges For Trusts Named As Retirement Account Beneficiaries
3. Required Minimum Distributions (RMDs) To Begin At 72
4. New Exception To The 10% Early Distribution Penalty For Childbirth And Adoption
5. Traditional IRA Contributions No Longer Prohibited At (And Beyond) Age 70 ½
6. Fiduciary Safe Harbor For The Selection Of A Lifetime Income (Annuity) Provider
7. Portability Of Lifetime Annuity Income Options
8. Small Businesses Can Get A (Bigger) Tax Credit For Establishing A Retirement Plan
9. Credit For Adoption Of Auto-Enrollment By A Small Business
10. Maximum Contribution Percentages For 401(k) Automatic Enrollment Increased
11. Long-Term Part-Time Workers Provided Greater Access To Employer Plans
12. Barriers To Establishing/Maintaining Multiple Employer Retirement Plans (MEPs) 
13. Additional Miscellaneous Retirement Provisions Of The SECURE ActSignificantly Reduced
14. Kiddie-Tax Reverts To Pre-Tax Cuts And Jobs Act Rules!
15. Retirement-Related Disaster Relief Provisions Of The Taxpayer Certainty and Disaster Relief Act of 2019 
16. The Stretch IRA Is Eliminated For Most Non-Spouse Beneficiaries

Want to learn more or make sure that you are getting the most out of this new code? Give us a call 207-200-1500 or book an appointment on our website. 

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