Jul 10, 2020
On today's episode, Cape Cod's Retirement Income Specialist (Steve Anzuoni) gives you a timeline of event since January 2020 of MAJOR changes to retirement planning, and explains how it could impact you!
In December, we told you about “The Secure Act." It changed the RMD age from 70 ½ to 72 and eliminated the stretch IRA.
In May, we told you about “The Cares Act. ”Which waved RMDs for this year and allowed you to take money from your 401(k) before 59 ½ with no penalty.
What about the proposed Trump plan to allow you to tap into your Social Security early for emergency money?
This week I introduce you to the proposed “Savers Act” that would allow you to triple the amount you contribute to you IRA or 401(k) for 2020.
AND “Cares ACT 2” that would move the RMD age up again…this time to 75!
This has all happened in 6 MONTHS! How is anyone supposed to keep up with all this? Steve, Cape Cod's Retirement Income Specialist weighs in on these topics and more!