In late 2019, the president signed the SECURE (Setting Every Community Up for Retirement Enhancement) Act into law.

Required minimum distributions (RMDs) for employer-sponsored plans and IRA accounts were raised from 70 ½ years to 72 years old. It was a welcome change. The act also included smaller changes that aided workers in saving for retirement.

But the SECURE Act also changed the rules which govern inherited IRAs, or so-called stretch IRAs. The change in this provision was more controversial because it required faster distributions, at least in most cases.

Although the changes are recent, Congress is already considering what many are calling SECURE Act 2.0. As the bill winds its way through Congress, there is no guarantee of passage. But it enjoys widespread bipartisan support, and both the Senate and the House have drafted similar bills.

The devil is always in the details, but I am monitoring progress and believe now is a good time to provide a high-level overview.

Please feel free to check in with your tax advisor on tax-related matters.

Let’s begin.

Are you on track to retire comfortably? What are your financial goals? How much income will you need to generate each month when you have retired? What might be some of your longer-term goals outside the financial arena, but goals that would be aided by a larger pool of savings?

Our regular check-ins with clients are designed to measure progress toward their goals, making adjustments as life’s journey unfolds.  Saving for retirement is a long game; It’s a marathon. You could compare it to the fable The Tortoise and the Hare. A sprint won’t get you to your destination. Slow and steady progress will. 

Unfortunately, 75% of Americans receive no professional assistance for this long haul. In my view, that’s simply unacceptable. It leaves far too many folks exposed to the many financial pitfalls that are lurking. As Ben Franklin said, “If you fail to plan, you are planning to fail!” 

Following are seven ideas and concepts we encourage on a regular basis so that you can stay on track.

Have you ever dreamed of winning the lottery or inheriting a large sum of money? Most people have. Yet, riches that fall into our hands can sometimes quickly slip through our fingers.

Did you buy your home many years ago? Or have you been in your current place for just a few years?

There are plenty of reasons to sell and seek out a house that is smaller and one that fits your lifestyle. On the flip side, there are reasons you may want to stay in your home.

Now that you are in retirement or are nearing retirement, the mortgage may be paid off or you might have a significant equity stake in your primary residence.

Much goes into a decision to sell your home, and the process may seem daunting if you have lived in your house for years.

Here are some questions to think about.