SECURE Act impacts retirement planning
Local finance professionals are helping people navigate changes to retirement rules and regulations from a law enacted in 2019.
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), signed into law in December 2019, was a comprehensive solution to the issue of retirement savings.
It included provisions that increased access to retirement plans, gave more tax breaks and provided incentives for employers who offer these types of benefits.
It's expected that this will have a huge impact on those who are retired or nearing retirement age as they may have new opportunities available to them.
“The changes of this act are far-reaching,” said Wendy Bennett, senior financial adviser at Bennett Associates Wealth Management, 122 S. Washington St.
“It impacts retirees who are thinking about their estate plans, baby boomers and Gen Xer's who are focused on retirement and millennials and Gen Zer's who will be the recipients of a great wealth transfer in the next few decades.
“Everyone needs to reevaluate their financial plans in light of the SECURE Act.”
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