The SECURE Act (Setting Every Community Up for Retirement Enhancement) (“the Act”), was passed by Congress and signed into law by President Trump on December 20, 2019.  The Act makes some significant changes to Required Minimum Distribution (RMD) rules as related to Individual Retirement Accounts (IRAs) and other retirement plans, in addition to changes in other areas.  This is one of the most comprehensive retirement plan reforms in more than a decade, and this is a brief overview of a few highlights that may be of interest.

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Very few people could “save” enough for retirement with today’s long life expectancies and earlier retirements. If you just “save” – yet do not have growth that exceeds both income taxes and inflation, you are more likely to run out of money.

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A report released in March 2016 by the National Institute on Retirement Security (NIRS) finds that across all age groups women have substantially less income in retirement than men. By age 65, 80% of women are more likely than men to live in poverty. Women age 75 to 79 were three times more likely to fall below the poverty level than men.

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Inflation is something frequently overlooked in retirement planning. Inflation can be defined as an overall upward price movement of goods and services in our economy as measured by the Consumer Price Index (CPI), and it is what makes most things cost more today than they did in prior years.

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