What is the Secure Act?
This year the House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act, known as the Secure Act. The purpose could help Americans save for retirement, unfortunately, Individual Retirement Accounts, 401(k)s, and Roth IRAs will have their value reduced. Waiting for Senate approval, the Secure Act gives non-spouse beneficiaries 10 years to pay out all the money of an IRA. The effect to beneficiaries – a huge tax hit for distributions. This could place beneficiaries in a higher tax bracket. (more…)