What Is the SECURE Act?
In December 2019 the Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed and it became law on Jan. 1, 2020.
Changes were created by the legislation for long-term retirement savings and Americans of every age can have financial impacts.
A variety of retirement account rules got changed with the SECURE Act including who is eligible to contribute to retirement accounts and when withdrawals are required.
The early withdrawal penalty is also taken care of by the new legislation.
Important changes in the retirement account from the SECURE Act are:
- The required minimum distribution age earlier was 70 1/2 it has now increased to 72.
- The IRA contributions age limit has been removed.
- The distributions of an inherited retirement account must be taken within 10 years.
- Penalty-free withdrawals can be taken by new parents.
- Long-term part-time employees can now be eligible for 401(k) plans.
This is an in-depth look at the SECURE Act and how it may affect you.
Required minimum distribution age has extended
Previously, individuals were required to start taking withdrawals from a traditional IRA by April 1 of the year only after they turned age 70 1/2. Which were known as required minimum distributions withdrawals.
The extension of required minimum distributions from the age of 70 1/2 to 72, is one of the advantages. Allowing IRA owners to delay withdrawals longer in hopes of additional growth of their IRA assets.
People don’t have to start withdrawing from their traditional IRA if they turn 70 1/2 in 2021. They have the option of waiting until they turn 72 to begin taking RMDs.
Now IRA contributions don’t have any age limit
Earlier workers with an individual retirement account could only contribute up to the age of 70 1/2, but now with that age limit being removed, anyone who is working and has earned income can contribute to a traditional IRA irrespective of age.
He added that older retirees who may wish to keep contributing to their IRAs will benefit from this.
The contribution limit for an IRA In 2021 is $6,000, or $7,000 if you are 50 or older.
If both you and your spouse are over 50 and if any one of you is still working, up to $7,000 can be contributed to an IRA in each of your names, or a total of $14,000.
Within 10 years the inherited retirement account distributions must be taken
Earlier those who inherited IRAs could stretch out the withdrawals and required tax payments on each distribution over their life expectancy before the new law were in place.
But now, beneficiaries may be required to withdraw assets in an inherited IRA or 401(k) within 10 years for retirement account owners who passed away after Jan. 1, 2020.
There are a variety of exceptions to the new 10-year rule, which includes a surviving spouse, minor children, disabled and chronically ill beneficiaries, and beneficiaries who are up to 10 years younger than the IRA owner.
Before the formation of the SECURE Act, a 40-year-old IRA beneficiary could take relatively small withdrawals for 20-plus years and allow the IRA to keep growing the net of the withdrawals.
After those 20 years, that beneficiary would now be retired with a reduced income, so he will pay lower taxes on the withdrawals.
A 40-year-old beneficiary will need to withdraw the entire IRA balance by the age of 50 with the SECURE Act.
The withdrawals will attract taxes. Taking out everything within a decade could lead to a sizeable increase in taxes on the withdrawals because of the possibility that a 40-year-old is in their peak earning years.
Penalty-Free withdrawals possible for new parents
Prior to the SECURE law, if an individual took a withdrawal from his IRA or 401(k) before age 59 1/2, the amount would usually attract income tax and a 10% penalty.
However, penalty-free early distributions are allowed by the IRS from some types of retirement accounts for certain circumstances, like in case of an expensive medical emergency or to purchase health insurance after a job loss.
An additional exception is added to this list with the SECURE Act. After the birth or adoption of a child, the plan may allow a $5,000 withdrawal from an IRA or 401(k).
And a penalty for withdrawing the funds is also not levied, and the funds can be repaid as a rollover contribution. If it is not repaid to the account income tax will be due on the distribution.
Now long-term part-time employees are eligible for 401(k) Plans
With the SECURE law, a way is provided for more part-time workers to be eligible for a 401(k) plan.
The part-time employees needed to work at least 1,000 hours in the past, during a 12-month period to be able to contribute to a 401(k) plan.
But under the SECURE Act, employees who log for a minimum of 500 hours in a 12-month period for three consecutive years can contribute to a 401(k) plan starting in 2024.
This means there is not much time now on accruing hours, so it’s crucial for part-time employees to start thinking about how they can take advantage of their company retirement plan.
Assistance with tax credits to start a small business retirement plan
It is too costly for many small businesses to provide a 401(k) option for their employees.
Business owners can offset costs with the help of the SECURE Act with the hope that more employees of small businesses will have access to a 401(k) plan and save for retirement.
A tax credit is provided to small employers with up to 100 workers by the SECURE Act to start a workplace retirement plan, and if the plan includes automatic enrollment then an additional credit is available.
https://www.compareclosing.com/blog/all-about-the-secure-act/
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