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How the SECURE Act changes retirement planning

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The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was recently signed into law, making several significant changes to how employers, attorneys and individuals will approach retirement:

• Limitations on “stretch” IRAs.
• Age for beginning required minimum distributions is now 72 (vs. 70 1/2).
• Traditional IRA owners can make contributions beyond age 70 1/2.
• Penalty-free withdrawals for birth/adoption expenses.
• 529 savings can go to repaying student loan debt.
• New rules for small businesses to establish “pooled” retirement plans.
• Expanded eligibility for part-time workers to participate in employer retirement plans.
• Relaxed “safe harbor” rules for setting up small business 401(k) plans.

Brandon A. Betts, Meyer, Unkovic & Scott,

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