5 Pieces of the SECURE Act
Update: 2019-08-21
Description
In this episode, Debbie talks about 5 Pieces of the SECURE Act you should be aware of and how they could affect your retirement plan.
- RMD age will be raised
- Student loan repayment relief
- New savings opportunities for new parents
- Abolition of "stretch" IRAs
- Potential Expansion of Annuities
Converting from a traditional IRA to a Roth IRA is a taxable event. A Roth IRA offers tax-free withdrawals on taxable contributions. To qualify for the tax-free and penalty-free withdrawal of earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59½ or due to death, disability, or a first time home purchase (up to a $ 10,000-lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes.
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