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December 2019

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Secure Act

SECURE Act – What is it?

Contributed by Benjamin Saltzman

The SECURE Act, a bill that would impact key areas of retirement and estate planning, has been passed by Congress and is on its way to President Trump’s desk for final approval. Here are some highlights of the bill, which is likely to be passed into law prior to year-end.

What it is

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) is a retirement bill aimed at helping Americans better save and prepare for retirement.

Why it matters

While the Act contains several provisions, the most notable include increasing the age at which individuals are required to take Required Minimum Distributions (RMDs) and removing the current age cap to make contributions to a Traditional IRA. In addition, the Act would eliminate the “Stretch IRA”; an estate planning tool that currently allows beneficiaries inheriting IRAs to stretch the RMDs out over their lifetimes. Barring few exceptions, inherited IRAs would now be required to be fully disbursed within 10 years, which creates tax and estate planning considerations that may need to be revisited.

Where it stands

Although not formally passed into law yet, all signs point to the Act being passed into law before year end. The Senate passed the first part of the spending bill that the SECURE Act is attached to yesterday, after the House passed it on Tuesday. It now goes to the President’s desk for final signature. Assuming President Trump sign’s the bill into law, it would go into effect January 1, 2020.

What to do

Given that the Act has not been formally passed into law, there is nothing to do at this moment. We at Strategic are closely monitoring the status of this legislation and upon final passage, we will coordinate with clients and their outside advisors as needed, to assist in determining the best course of action given their specific situation. In the meantime, we encourage anyone with questions to reach out to their advisors.

Source:, Forbes,

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