Have you heard about the secure act? It took effect January 1st and has to do with your retirement accounts. Your Dime sponsor Wall Street Financial Group chief retirement strategist and founder Zach Gray and Duke Smith, investment adviser representative join us with more.
3 Things you need to know about the Secure Act.
Required minimum distributions will start at age 72 not 70 1/2
Can contribute to your traditional ira after age 70 1/2
Inherited retirement accounts-distributions to non-spouse individual beneficiaries must be made within 10 years.
The new law allows penalty-free withdrawals from retirement plans for birth or adoption expenses, up to $5,000 limit would apply to each parent, including those who have adopted children. So technically, a couple could take out up to $10,000 from their retirement savings, as long as they both have separate accounts in their own names.