The SECURE Act is the largest change to corporate retirement plan laws since the Pension Protection act of 2006, so if you are a business owner, help operate your company’s retirement plan or a CPA there are a lot of changes to be aware of.
The change to retirement plans generally fits one of three themes, which is how this article will be organized. We’ll talk about the changes that affect corporate retirement plans, when those changes go into effect and any action you should think about taking. This article is a summary, please reach out to our team if you wish to discuss how some of these changes affect your retirement plan.
These changes were put into place to encourage small businesses who don’t offer a retirement plan, to offer one for their employees.
These changes were put into place to help participants avoid the risk of outliving their money. Having more focus on lifetime income, instead of the total balance, allows participants to better understand how prepared they are for retirement.
This is not a complete overview of all the changes in the SECURE Act. There are changes we haven’t covered here; we also won’t know the ramification of some of these changes for some time. We will continue to review and analyze these changes and look forward to discussing with our clients in the days and weeks ahead.
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Beaird Harris Wealth Management, Inc.), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Beaird Harris Wealth Management, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Beaird Harris Wealth Management, Inc. is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Beaird Harris Wealth Management, Inc.’s current written disclosure statement discussing our advisory services and fees is available for review upon request.
The possibility of capital gains tax should be understood before selling your residence. Tax surprises here could be costly!
We’ll help you get started and learn more about Beaird Harris.