Why The SECURE Act Makes 2020 The Year Of Missed RMDs From IRAs

Posted on January 6, 2020

With Congress agreeing to pass the SECURE Act, which represents the first major retirement legislation since the Pension Protection Act of 2006, the required minimum distribution (RMD) rules that impact retirement savings accounts are changing drastically. To see an overview of the SECURE Act check out this Forbes Article.

Essentially, the SECURE Act made two major changes to the RMD rules:

  1. Instead of having the required beginning age for RMDs set at 70.5 (or when retired, if later) it has been pushed to age 72.
  2. The “stretch” IRA is going away for many beneficiaries. To read more about the “stretch IRA” click here.

Full Article on Forbes