The Secure Act and How It Impacts Retirement
President Trump signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act at the end of 2019.
Leo Daprile of Gem Young Insurance and Financial Services explains the ins and outs of the new legislation, and how it will likely affect retirement savers.
• Multiple employer plans for small businesses: This will help level the playing field for small employers, allowing them to compete with larger companies.
• Annuities in 401(k) plans: Annuities can be complex, but when done correctly they provide a guaranteed income over the course of a retiree’s lifetime.
• Required minimum distribution age — and contribution age is increased from 70.5 to 72. The 70.5 age was based on life expectancies in the early 1960s.
Original Air Date: Jan. 8, 2020. Every Wednesday at 8:45am on AM570 WKBN during the Dan Rivers show Gem Young’s President, Leo Daprile, hosts the Your Money radio show.
Copyright 2020 The Business Journal, Youngstown, Ohio.