Important RMD changes! The SECURE Act.

Hello, Fellow Taxpayers,

This letter is Really Short and Sweet, and will most likely be my last email until the new year (no cheering from the peanut gallery). After reading this letter, you can contact your trusted financial advisor or me. If you do not have one, let me know, I can make recommendations.

Congress is set to pass the SECURE Act this week, pushing back the RMD age to 72 (for those turning 70.5 after 1/1/20). This sure will make those of you who were scheduled to start RMD’s in 2020 or 2021 happy!

In other words, the old law required individuals to withdrawn a certain amount of money. This depends on the mortality tables – to take funds out of their traditional IRAs as opposed to Roths when they reach the 6th month after turning age 70½. Now, under this new law, you can wait until age 72. Not a bad thing if you do not need to take the money. And in this era of more of us working past age 70, why not keep it earning/growing tax-deferred.

If you are affected by the SECURE act that is about to pass and have any questions let me know and I may be able to assist.

So Until Next time,

Happy Holidays, and a Happy and Prosperous New Year to you and your family.


Jeffrey “Not Yet Required to Take an RMD” Schneider

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