Secure Act Calls for Changes to IRAs, RMDs

Nixing the age cap for contributions and raising the age to start required minimum distributions could affect workers, retirees and heirs.

(Image credit: Daniel Grill (Daniel Grill (Photographer) - [None])

On the cusp of Memorial Day weekend, the house passed what could be a landmark retirement law, affecting workers, retirees and heirs alike. The legislation may shake up the rules for IRA contributions and required minimum distributions and upend many retirees’ estate plans. Some of the most impactful provisions of the bill affect existing retirement plans, says Tim Steffen, director of advanced planning for Baird.

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Rachel L. Sheedy
Editor, Kiplinger's Retirement Report