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The SECURE Act and Planning for Your Retirement Accounts

How you plan for your retirement accounts may have changed due to the passage of the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act became effective January 1, 2020. While it has changed several aspects of retirement planning, perhaps the most significant change will affect the beneficiaries of your retirement accounts. Why? Because the SECURE Act requires most designated beneficiaries (other than spouses) to withdraw the entire balance of an inherited retirement account within ten years of inheriting the retirement account. What changed with the SECURE ACT? Under the old law, all beneficiaries of inherited retirement accounts could...

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