The SECURE Act of 2019 is supposed to help more Americans save for retirement. The new legislation will have an impact on retirement plans – and not all of them are good.
In December of 2019, Congress passed H.R.1994 – the SECURE Act of 2019 – which contains the most sweeping changes to government-controlled retirement accounts – such as 401(k)s, 403(b)s, and IRAs – in more than a decade.
The SECURE legislation – which stands for “Setting Every Community Up for Retirement Enhancement” – put into place several provisions supposedly intended to strengthen retirement security.
Not surprisingly, the financial services industry spent many millions of dollars lobbying Congress to ensure passage.
So is the new legislation in your best interests? Is the SECURE Act really likely to increase your retirement security?
[Read more…] “Pros, Cons and Why the SECURE Act WON’T Make Your Retirement More Secure”