The House of Representatives has acted to address our longer life spans and a growing crisis for retirees. It has issued "The Setting Every Community Up for Retirement Enhancement Act of 2019," or “The Secure Act” for brevity. Should the legislation be passed by the Senate and signed by the president, it may have important implications for your estate planning.
Increase the RMD Age – More Time to Grow Your Wealth
The Act proposes to increase the age from 70½ to 72 when required minimum distributions (RMDs) must begin from retirement plans. Those planning their estates will be able to factor into their planning this additional time to grow their retirement savings.