January 23, 2020

The SECURE Act was passed into law at the end of 2019 and went into effect on January 1, 2020. The SECURE Act makes sweeping changes to the rules for distributions from retirement plans.  First, the age that an owner of a retirement plan must start withdrawing the funds from the account (and paying the resulting income taxes) has risen to age 72.  Second, and more importantly from an estate planning perspective, the SECURE Act makes dramatic changes to the way children and other beneficiari...

January 7, 2020

President Trump has signed a spending bill that makes major changes to retirement plans. The new law is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their planning. 
 

The Setting Every Community Up for Retirement Enhancement (SECURE) Act changes the law surrounding retirement plans in several ways


 

  • Stretch IRAS. The biggest change eliminates “stretch” IRAs. Under current law, if you name anyone other than a spouse as the...

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