How the SECURE Act Could Change Your Retirement

It's happened. After a nearly unanimous passage in the U.S. House of Representatives, the SECURE Act (Setting Up Every Community for Retirement Enhancement Act) finally made its way through Congress. The legislation was “attached” to a bipartisan spending bill in the Senate with the goal of avoiding another government shutdown.

The president signed the SECURE Act into law on December 20^th, 2019. With many provisions having gone into effect on January 1st, 2020, it will have big implications for retirement and taxes. As a result, retirees and working-age retirement savers can start seeing major changes as early as 2020.

All of that being said, the SECURE Act brings the most sweeping changes to the U.S. retirement system in a decade. Because of that, there is bound to be some confusion about what the act actually does and how it might affect people’s own retirement standard of living.

Here is a broad overview of some major changes to retirement, taxes, and financial planning that come with the SECURE Act now becoming law.