https://www.forbes.com/sites/jamiehopkins/2019/05/24/8-major-ways-the-secure-act-could-impact-your-retirement-plan/#78dd86c43437
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20 replies
  1. Dom Jervis
    Dom Jervis says:

    Re: #8. If my understanding of SECURE and RESA is correct, the Positions of the House and the Senate (given who has the Majority in each), seem VERY Ironic.

    The average (whether you want to use mean or median) IRA is far less than $450,000. RESA would exempt ALL of such an IRA from its Required 5 Year Distributions Period. SECURE has no "Safe Harbor" for that first $450,000. Thus, despite the fact that the Republican Majority in the Senate is perceived to "only care about the Wealthy," RESA would be FAR better tax-wise for the Middle and Working Classes than SECURE would be.

    IMO, if the House wises up, it will say, "Oh never mind SECURE! We'll just go along with RESA." But I wouldn't place a large wager on that happening.

    Again, if my understanding is correct, House Members are going to be called out "with Extreme Prejudice" for wanting to collect more Federal Income Tax from those who are least able to afford it, the very voters who the Democrats claim they "speak for." Wouldn't surprise me at all if this were to cause the Democrats to lose many seats in the House next year.

    Reply
  2. TreesOnTheBeach
    TreesOnTheBeach says:

    Opposes the Secure Act:

    Texas Senator Ted Cruz (R)
    Kentucky Representative Thomas Massie (R)
    Texas Representative Chip Roy (R)
    Pennsylvania Senator Pat Toomey (R)
    Michigan Representative Justin Amash (formerly Republican, now Independent)

    Reply
  3. cutehumor
    cutehumor says:

    I hope they push the RMD until 75. When I retire at 55 with the IRS rule of 55, I will have 20 years to do roth conversions. Getting rid of the stretch IRA for beneficiaries will hurt. I mean even if I have a 1 million dollar roth IRA when I die, the government is going to force my kids to spend it within ten years? It's stupid.

    Reply
  4. Tee Mack
    Tee Mack says:

    I don’t like #8.
    I was hoping to use the Roth to pass along savings to children and allow them to keep it in a tax free vehicle until they needed it in their later years. I am wondering if the insurance lobby is pushing this change so that people will then more likely consider life insurance as the way to pass along tax free legacy to our children.

    Reply
  5. Robert P
    Robert P says:

    if this passes and you have an inherited IRA you've been taking a RMD every year based on your life exp. will you then be forced to liquidate the account if it's already been almost 10 years…adding 150k to ones income would kill. and still have 3 yrs to 59.5 yrs to ease that burden if having to liquidate.

    Reply
  6. Dave Schmarder
    Dave Schmarder says:

    For me, the only useful part is the later RMD. That would give me a couple more years of Roth conversion. Except for putting the need for setting aside earnings for retirement at the forefront, I think the traditional IRA just isn't a very good deal. Still waiting for movement on the "Social Security 2100" legislation. Thanks for the updates on this one, Josh.

    Reply

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