Congress Set To Pass SECURE Act At Last Minute, Impacting Retirement Planning And Increasing Taxes

carson partners forbes awards

Congress just agreed to a bipartisan appropriations bill that will help avert another government shutdown. However, attached to the spending bill is a piece of legislation called the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which passed the House with a 417-3 vote earlier this summer.

Honestly, the passage of the SECURE Act came as a bit of a surprise as it appeared to be derailed during the fall. Now, just a few weeks before the end of the year, Congress is changing major tax laws implicating 2019 and especially 2020 going forward.

The most important provision of the SECURE Act – removal of the stretch RMD provisions – is a tax revenue generator, meaning a tax hike on many Americans. This goes into effect Jan. 1, 2020, assuming President Trump signs the bill into law, which seems all but a forgone conclusion.

Full Article on Forbes

Get in Touch

In 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Contact Us