“SECURE” stands for “Setting Every Community Up for Retirement.”
The bill is intended to provide additional incentives to help people save more for retirement over a longer period of time, among other changes. The ideas behind the SECURE Act had been worked on for years before they were folded into a broader spending bill in late 2019. The bill passed on December 20, 2019, thirteen years after the Pension Protection Act of 2006, the last time such dynamic changes were made.
It can be confusing to wade through the legislation and extract the implications of these changes. Now, more than ever, working with a financial professional is key to determining whether the SECURE Act could change your financial strategy going forward. Meanwhile, for an overview of what to expect from this new legislation, download the whitepaper below!