The SECURE Act may impact your retirement

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Reply
Thread Tools
  #1  
Old 12-24-2019, 03:23 PM
User's Original Comment
champion6's Avatar
champion6 champion6 is offline
Sage
Join Date: Jan 2009
Location: Tamarind Grove
Posts: 4,248
Thanks: 1
Thanked 84 Times in 49 Posts
Default The SECURE Act may impact your retirement

The SECURE Act was recently signed into law. It might affect your retirement and that of your heirs.

Yahoo Finance: 5 Things Affluent Retirees Should Do Now that the SECURE Act Has Passed

Kiplinger: 10 Ways the SECURE Act Will Impact Your Retirement Savings
  #2  
Old 12-24-2019, 04:01 PM
User's Original Comment
rustyp rustyp is offline
Gold member
Join Date: Jan 2009
Posts: 1,244
Thanks: 20
Thanked 56 Times in 37 Posts
Default

Quote:
Originally Posted by champion6 View Post
The SECURE Act was recently signed into law. It might affect your retirement and that of your heirs.

Yahoo Finance: 5 Things Affluent Retirees Should Do Now that the SECURE Act Has Passed

Kiplinger: 10 Ways the SECURE Act Will Impact Your Retirement Savings
Is there any item here of significance to a retiree (already 65+) in our typical TV environment other than delay RMD from 70 1/2 to 72 ? Did they modify the percentage table for those minimum withdrawals as a result of the age change ?
  #3  
Old 12-25-2019, 10:58 AM
User's Original Comment
kaseydog kaseydog is offline
Senior Member
Join Date: Jun 2013
Posts: 117
Thanks: 1
Thanked 1 Time in 1 Post
Default

as per my cpa you don't have to take rmd til 72. also the tables listing distributions have been slightly adjusted to reflect people living longer.
  #4  
Old 12-25-2019, 07:31 PM
User's Original Comment
tophcfa tophcfa is offline
Gold member
Join Date: Feb 2015
Location: The Berkshires of Western Massachusetts and the Villages
Posts: 1,330
Thanks: 183
Thanked 263 Times in 135 Posts
Default

Sounds like a good thing. Can still take withdrawals without penalty starting at 59 1/2 if needed but not required to take withdrawals as soon if not needed. It's not often changes in laws/regulations/requirements effect seniors in a potentially positive way, so all good on this one unless I am missing something.
  #5  
Old 12-29-2019, 06:22 PM
User's Original Comment
pauld315 pauld315 is offline
Gold member
Join Date: Aug 2007
Location: NY, FL, PA, TX, NC, TV
Posts: 1,078
Thanks: 7
Thanked 20 Times in 15 Posts
Default

Sounds great, I won't have to take RMD now until I am 72 !
__________________
"The secret of successful managing is to keep the five guys who hate you away from the four guys who haven't made up their minds." - Casey Stengel
  #6  
Old 01-19-2020, 04:08 PM
User's Original Comment
CoachKandSportsguy CoachKandSportsguy is online now
Junior Member
Join Date: Jan 2019
Location: Marsh Bend
Posts: 12
Thanks: 1
Thanked 4 Times in 3 Posts
Default Secure act

The biggest change for resident's of the villages is the RMW extension to 72. The downside is more for the heirs of your retirement account/s. Heirs of retirement accounts have a much shorter time period to exhaust the account. Assuming that your financial assets are in trusts, which pass mostly tax free to the beneficiaries, the best answer is to draw down the retirement account first before using any taxable income for expenses to avoid heirs having to pay additional income taxes
Reply

Tags
act, secure, retirement, impact, retirees

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 09:28 PM.