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You are here: Home / Business / New Spending Package Includes Sweeping Retirement Plan Changes (SECURE Act)

New Spending Package Includes Sweeping Retirement Plan Changes (SECURE Act)

Posted on 01/30/2020
Written by Perry Shulman Leave a Comment

The $1.4 trillion spending package enacted on December 20, 2019, included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which had overwhelmingly passed the House of Representatives in the spring of 2019, but then subsequently stalled in the Senate. The SECURE Act represents the most sweeping set of changes to retirement legislation in more than a decade.

While many of the provisions offer enhanced opportunities for individuals and small business owners, there is one notable drawback for investors with significant assets in traditional IRAs and retirement plans. These individuals will likely want to revisit their estate-planning strategies to prevent their heirs from potentially facing unexpectedly high tax bills.

All provisions take effect on or after January 1, 2020, unless otherwise noted.

Access our full analysis HERE

Perry A. Shulman, CPA, MBA, CFP, TEP
p.shulman@pascpa.com
phone (516)593-8080

 

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Filed Under: Business, Family Mediation, Finance, Legal, Public Blog, Uncategorized Tagged With: IRAs, Retirement Enhancement (SECURE) Act, Retirement legislation, SEURE Act, Tax bills, The SECURE Act may have the largest impact on retirement planning since the Pension Protection Act of 2006

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