I'm Stephanie Sammons, a CERTIFIED FINANCIAL PLANNER™ and the Founder of Sammons Wealth Management. I help successful women professionals who are in midlife plan for their ideal retirement. Learn more about planning, saving, and investing for your ideal retirement at Sammons Wealth Management.

[This episode is part of the LGBTQ Series of the Midlife Money Gal Podcast]

The SECURE Act was quietly signed into law in late 2019, most likely when you were enjoying your holidays! With this new law in place, there are some important changes to know about with your retirement planning.

The SECURE Act stands for “Setting Every Community Up for Retirement Enhancement” (in case you were curious) :).

One of the major changes affects distributions from IRA accounts. Previously if you inherited an IRA, in most cases you were allowed to take distributions from that IRA over your life expectancy. Now, you must take IRA distributions out over a 10 year period.

The government wants to collect your tax dollars more quickly than over your expected lifetime! It doesn’t matter if you take the funds all in year one, year ten, or spread it out evenly over the entire time frame.

This new 10 year rule will undoubtedly disrupt the ongoing deferred growth in your IRA. But there are a few exceptions, including the fact that the rule does NOT apply to spouses! Yet another benefit for LGBTQ partners to marry in my opinion.

Subscribe and listen to this episode on iTunes, or wherever you listen to podcasts, to learn:

  • Additional exceptions to the 10 year IRA distribution rule
  • The dangers of leaving your IRA to a trust as the beneficiary
  • The new age for starting your RMD from your IRA (Required Minimum Distributions)
  • What the SECURE Act allows for new parents
  • A small but important change to 529 college accounts

Listen to this episode on your favorite podcasting app: iTunes | Spotify | Stitcher | Google Play

Join the Women Midlife & Money Community

Thanks for listening to the Midlife Money Gal Podcast. If you enjoy the show, please subscribe, rate/review, and share this podcast with your friends!

To receive email updates and other goodies that can help you live your best midlife, join the Midlife Money Gal email list below.

Join the Midlife Money Gal email list for new episode updates and other goodies that can help you live your best midlife! 


Pin It on Pinterest

Share This