Update on SECURE

In late 2019, Congress dramatically changed the rules on IRAs and other retirement accounts inherited from a deceased owner. We talked (and wrote) about the changes at the time. But now it’s time for an update on SECURE, the Act which changed the rules.

Lord knows there’s a lot of information available on the SECURE Act. In this podcast episode, we highlight the practical considerations we see clients grappling with every day. Rather than diving deeply into the rules, exceptions and special cases, we describe the practical impact on real people.

We also talk about how our clients need to reconsider their beneficiary designations in wake of the Act. We don’t intend (at least not here) to give comprehensive information on retirement plans and beneficiary designations. Instead, this is our 2021 update on SECURE and what it means. And, by the way, that includes some thoughts on how to deal with the IRA custodian after the death of the IRA owner.

[Notice that we talk — and write — about IRAs in this SECURE update. Generally speaking, the same rules apply to 401(k) accounts, 403(b)s and most other defined contribution retirement accounts.]