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Category: Congress

Bipartisan Support in Congress to Make Retirement More Secure

By Lineweaver Financial Group
July 02, 2019 Category: Congress, Retirement, IRA

by LFG Tax Director, Mark Sipos On May 23rd, 2019, the U.S. House of Representatives voted overwhelmingly in favor of the SECURE Act, which stands for Setting Every Community Up for Retirement Enhancement. Most of the provisions in the act are designed to make it easier for more people to save for retirement, and for more employers to offer retirement plans for their employees. One notable provision in the bill would essentially end whats known as the stretch IRA. Under the current law, when a beneficiary inherits an IRA, the beneficiary can choose to have the IRA balance distributed in two ways: either in required minimum distributions based on his or her life expectancy, or during the five years after the original account holder passes. Making maximum use of the IRAs taxdeferred compounding like this is known as a stretch IRA. Under SECURE, in most instances an inherited IRA would have to be fully distributed within 10 years of the original owners death, although there are some exceptions. Some

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