Various factors have brought about a flurry of changes in IRA rules. It is important that individuals understand these modifications, what they mean now and what they could mean to their retirement planning.
The Setting Every Community Up for Retirement (SECURE) Act, which became effective January 1, 2020, enacted several changes with regard to required minimum distributions (RMDs), beneficiary distribution rules for non-eligible designated beneficiaries and contributions to Traditional IRAs. These new rules:
Though its focus was on economic stimulus for businesses, the Coronavirus Aid, Relief, and Economic Security (CARES) Act also had impact on individual retirement planning, enhancing access to plan distributions and loans. Effective March 27, 2020. and the subject of further IRS guidance in June, related provisions included directives that:
And this is just the tip of the iceberg, beneath which lie more changes, new rules and unanticipated alterations in when, how and why IRA funds can be accessed.
If you haven’t yet navigated the twists and turns of the new laws and guidance, we’d be happy to help. Combining our expertise with your current needs and retirement goals we can help you avoid any false moves and perhaps even discern ways you can make these efforts work in your favor.
Don’t wait. The windows of opportunity are narrow. Luckily, our door is always open for our clients and those who wish to join their ranks.
Stay safe, everyone.
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