11 Key Financial Planning Takeaways of the SECURE Act

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Passed in December 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 has wide-reaching impacts on retirement savings and estate planning for many Americans. The SECURE Act broadens the effectiveness of individual retirement accounts and employer-sponsored retirement savings plans. It also expands access to tax-advantaged retirement savings accounts and, ultimately, aims to help Americans save enough for a secure retirement. The SECURE Act's provisions are effective immediately unless otherwise noted.

OVERVIEW

The first major retirement income overhaul in more than a decade was included in a spending bill approved by Congress and signed by President Donald Trump at the end of 2019. The SECURE Act marks a dramatic change to tax law that could have an impact on many Americans in 2020 and beyond.

Given the new tax and retirement rules, you and your advisor will need to consider the long-term tax implications of these changes and work to update your retirement and estate plans. This document highlights some key financial planning takeaways of the SECURE Act and how they impact you.