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Insights

Congress passes the SECURE ACT, what do the changes mean for me?

Attached to the large spending bills that Congress passed just before the end of the 2019 legislative session were some last-minute provisions that will have an impact on personal finances in 2020 and beyond. The “Setting Every Community Up for Retirement Enhancement” (SECURE) Act includes some important changes to the rules regarding Individual Retirement Accounts (IRAs), as well as some narrower changes to other aspects of the tax code. The following is a high-level update on a few of the items that are likely to have the widest and largest impact.

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Navigating the Retirement Transition

Transitioning to retirement can be a complicated process both financially and emotionally, as new routines and perspectives are created.

One of the most significant adjustments encompasses both of those dynamics: the shift from earning a regular paycheck to living off savings that have been accumulated.

Establishing a cash reserve for near-term expenses may help to alleviate some of the potential stress of the retirement transition – enabling more of retirement portfolio to remain invested for the long-term, and allowing for more focus on how to best to spend time in retirement.

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Social Security Benefits Increase in 2019

Each year, the Social Security Administration evaluates whether changes are warranted to the current system – impacting those receiving benefits, those working while receiving benefits, and those working and paying into Social Security. Earlier this month, the Social Security Administration released updates for 2019. What are the updates and who will be impacted?

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