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How SECURE is Your Retirement?  Do you Act It? Thumbnail

How SECURE is Your Retirement? Do you Act It?

Recently, you may have seen headlines regarding the Securing a Strong Retirement Act, also referred to as the second version of the SECURE Act, or SECURE Act 2.0.

Do you know what I am referring to? The SECURE Act of 2019 stands for Setting Every Community Up for Retirement Enhancement Act of 2019, Pub.L. 116–94, was signed into law by President Donald Trump on December 20, 2019, as part of the Further Consolidated Appropriations Act, 2020.

And just when we were getting used to it, the second version of SECURE ACT 2.0 is here.

As the bill moves from the House of Representatives to the Senate, many hopeful investors anticipate further retirement support as the majority of the bill stems from the original SECURE Act of 2019. However, it's worth noting that the legislation may change drastically before being signed into law. With that in mind, here are some potential benefits of the Securing a Strong Retirement Act to consider with your retirement age.

  • Required Minimum Distribution Age Increase: SECURE Act 1.0 increased the age at which required minimum distributions (RMDs) must begin from 70.5 to 72 beginning in 2020. SECURE Act 2.0 would increase the RMD age to 73 starting January 1, 2022, age 74 starting January 1, 2029, and age 75 beginning January 1, 2032.
    • Required Minimum Distributions (RMD) refers to when the government requires a person to withdraw a minimum amount from their taxed deferred retirement accounts so they can tax it.
    • For those who contribute to a 401(k) or IRA, the Securing a Strong Retirement Act may allow you to wait until age 74 to start taking RMDs from your retirement accounts.
  • Catch-up Contributions: Those who own IRA and are over age 60 may be allowed to contribute an additional $10,000 per year to their retirement accounts.
  • Student Loans: Employers may be allowed to match retirement contributions for employees who are paying off student loans.

With changes on the horizon, what is the outlook of your retirement plans? This retirement calculator will help provide insights on your retirement.

As a spokane financial advisor, I help people adjust their comprehensive financial plan to their retirement needs


There's little doubt the bill will benefit many retirees or those approaching retirement; the only question that remains is "how."

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If you have any questions about how this new legislation may impact your retirement strategy, or you want to chat, give me a call anytime. We're always here to help.

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Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.