Wednesday, December 2, 2020

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Financial Strategies

The SECURE Act — What you need to know

2/5/2020

RAY HANSEN
President, AIF

Attached to the spending bill in late 2019 the President signed into law the most sweeping financial legislation since the Pension Protection Act of 2006. Designed to improve American’s ability to save and to increase access to employer sponsored retirement plans, the SECURE Act provides key incentives to both individuals and companies.

RMD’s : Required Minimum Distributions from Qualified Tax Deferred Accounts have been pushed back from 70.5 to age 72. In addition, you will be able to continue your Traditional IRA contributions beyond age 70.5 provided you have earned income.

Tax Credits for Startup Retirement Plans:
The formula is complicated but employers can receive a tax credit for up to 50 percent of their 401k plan expenses for three years. This incentive is designed to create access to the 44 percent of the workforce currently not able to participate in an employer sponsored plan. It is impossible to explore all of the provisions here, but visit newportgroup.com for the full review under the Knowledge tab on the home page. ♦

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