On December 20, 2019, President Trump signed the Further Consolidated Appropriations Act of 2020, which incorporated the Setting Every Community Up for Retirement Enhancement (SECURE Act). The SECURE Act includes the following provisions relating to IRAs:

  • Repeals the maximum age for making traditional IRA contributions.
  • Allows penalty-free withdrawals in the event of birth or adoption of a child from retirement plans.
  • Increases the required minimum distribution ate from 70 1/2  to age 72.
  • Requires non-spouse beneficiaries (with some exceptions) tow withdraw inherited balances from IRAs (and defined contribution plans) within 10 years of the death of the account owner.
  • Increases penalties for failure to file certain information returns.

These provisions are effective January 1, 2020.

Click here to read the Act.