SECURE Act: What to Do Now to Help Limit Heirs' Taxes Later

The new retirement law significantly impacts beneficiaries of retirement accounts and trusts. To limit the tax ramifications, consider your options.

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The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which passed in December 2019, has wide-ranging effects on retirement savings. Most of the act’s provisions will have a positive impact on Americans’ ability to save. One aspect, however, eliminates a commonly discussed planning tool: the ability to stretch distributions from retirement plan accounts and Inherited IRAs (commonly referred to as stretch IRAs) over a beneficiary’s lifetime.

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Roger A. Young, CFP®
Senior Financial Planner, T. Rowe Price

Roger Young is Vice President and senior financial planner with T. Rowe Price Associates in Owings Mills, Md. Roger draws upon his previous experience as a financial adviser to share practical insights on retirement and personal finance topics of interest to individuals and advisers. He has master's degrees from Carnegie Mellon University and the University of Maryland, as well as a BBA in accounting from Loyola College (Md.).