Secure Act Promises Major Changes in Retirement Planning
Substantial changes in retirement laws appear headed for passage and enactment into law by 2020. The SECURE Act (“Setting Every Community Up For Retirement Enhancement”) passed the House of Representatives by a vote of 417 – 3 and similar legislation is now before the Senate. President Trump has expressed his support for what would be the first major change in retirement laws since 2006. The bill is a series to strong incentives to encourage savings towards retirements, together with the elimination of so-called Stretch IRAs that tie up wealth for generations. Essentially, the SECURE Act, breaks down into five (5)…