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

SECURE Act is the biggest retirement system change passed by the US Congress in 13 years.

Unfortunately, it had to be buried within the government’s spending bill; since nothing gets past the Senate lately.

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.

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

Small Business Retirement Plans

Part-time workers need to save for retirement too. With the gig economy picking up; a lot of individuals chose to work part-time.

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

Currently, Americans after the age of 70 ½ are not permitted to contribute to a traditional IRA.

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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