In late 2019, Congress made major changes to qualified retirement accounts (IRAs, 401(k)s and the like) when it passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The SECURE Act had some welcome improvements, and an unwelcome snuffing out of some very generous rules, such as allowing account beneficiaries to stretch out required minimum distributions (RMD) over their lifetime. These changes were reviewed in the March 2020 NEET Notes, “SECURE Act a Mixed Bag for Retirement Plans.”
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