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You may have read in the news about the SECURE (Setting Every Community Up for Retirement Enhancement) Act that went into effect on January 1, 2020 and wondered if it will affect your retirement accounts. This Act makes some very significant changes to required minimum distribution (RMD) rules as related to Individual Retirement Accounts (IRAs) and other retirement plans, in addition to changes in other areas.
Some of these changes may have an impact on your financial planning and other financial interests. Although there are some questions that will need to be answered in the future by the Department of the Treasury, you should be aware of the provisions that may impact you.
Required Minimum Distributions:
As you can see, there are many new provisions that can affect your overall financial plan for your retirement years. Please contact our office if you have any questions or would like more detailed information about the SECURE Act .
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.