On December 20, 2019, The SECURE Act became law. The SECURE Act, which is an acronym for “Setting Every Community Up for Retirement Enhancement” is mainly intended to expand opportunities for more individuals to increase their retirement savings. Here are several major facets of the new law. The required minimum […]
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The SECURE Act raises the age for beginning required minimum distributions (RMDs) to 72 for all retirement accounts subject to RMDs. Any IRA owner who turned 70½ in 2019 or earlier is still bound by the old rules and cannot take advantage of the new age 72 rule. IRA owners […]
Required Minimum Distribution Age Raised to 72!
If you work until your original Deferred Retirement Option Program (DROP) termination date, the Division of Retirement will mail you your DROP Termination Packet approximately 90 days prior to your last day of employment. If your employment ends before your original DROP termination date, it is important that either you […]
What are steps you must take to terminate from DROP?
IRAs are supposed to be for saving for retirement but in challenging economic times like these many individuals may be forced to take distributions before retirement age. Be careful! If you tap your IRA before reaching age 59 ½, the bad news is that you run the risk of being […]