What Is The SECURE Act And 9 Ways It Will Actually Boost Your Retirement

The Social Security Administration has been communicating for over a decade about The Future Financial Status of the Social Security Program; and it does not look good.

SECURE stands for Setting Every Community Up for Retirement Enhancement. I am sure you must be wondering what is the SECURE Act and how am I impacted?

Small Business Retirement Plans The SECURE Act makes it easier for completely unrelated small businesses to join together to provide retirement plans for their employees.

As per the SECURE Act, employees who have worked at least 500 hours per year for at least three consecutive years are eligible for 401(k) plans

401(k) for Part time workers

Student Loan Repayment

Given the student debt crushing the millennial generation and the high interest cost associated with various student loans; this could makes sense for some individuals.

Penalty free withdrawal for New parents You still need to pay taxes on the money you withdraw; since your contribution into the retirement plan was tax free.

Graduate students and care providers can save earlier

Under the SECURE Act, amounts paid in pursuit of graduate or post-doctoral study or research (such as a fellowship, stipend, etc) are treated as compensation and eligible for purposes of making IRA contributions.

This will allow affected students to begin saving for retirement sooner. In a similarly manner, payments to foster-care providers are also considered compensation under the SECURE act for meeting the IRA contribution requirements.

RMDs Starting at age 72

The SECURE Act changes the age of initiation for RMDs from 70 ½ to 72. This is a huge benefit not only in terms of tax burden but also allowing additional time for the IRA to grow untouched.

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