Episode 61: Six Key Changes in the SECURE Act, Part 1
Episode description
Are you wondering what the SECURE Act means for you? Whether you are in your childbearing years or 70 and a half, the changes will impact you and your financial plan.
Read more about the SECURE Act here: https://coveryourassetskc.com/episode-61-six-key-changes-in-the-secure-act-part-1/
Today's Rundown:
1:53 - Is the SECURE Act significant?
2:41 - There is no maximum age to contribute to an IRA.
4:38 - The required minimum distribution age is now 72.
7:44 - Are you making qualified charitable deductions in retirement?
9:49 - New parents can now take $5,000 or less out of your IRA or 401(k) without penalty based on the birth or adoption of a child.
10:48 - Taxable fellowships and stipends are now considered compensation.
11:43 - Inherited IRAs cannot be stretched out anymore, with a few exceptions.