In my home, New Year’s Day is a day of Rose Parade floats, football, chips and dip, ham with scalloped potatoes, and quality time with family. But, however you might or might not celebrate New Year’s Day it is, notwithstanding, also the day when many new laws become effective.
This year a new law went into effect that will impact almost all Americans, their Individual Retirement Accounts, their 401(k) accounts, and other retirement accounts.
The “Setting Every Community Up for Retirement Enhancement” known more simply as the SECURE Act is the first major retirement legislation since the Pension Protection Act of 2006.
Among the changes that went into effect on January 1st are some affecting people who are already in “minimum-withdrawal” age, while other changes affect people named as beneficiary of a retirement account. Read on to learn more.