On Friday, February 3rd, Mr. Berger describes how the Secure Act affects our clients.

The secure act was passed at the end of 2022. There are 3 items that affect our clients most.

The first is the requried minimum distribution age which jumps to 73 in 2023 and then 75 in 2033. This will delay the day to start.

If you have a 529 plan and a child has been enrolled for 15 years and don’t need to use all the remaining money, they can roll it into a Roth.

If somebody passes away after they completed their required minimum distributions and if the child inherits that IRA then they continue to take distributions and they’ll still need to take out all the money under the ten year rule.

If you pass away this year and pass age 73 if i’s a Roth IRA, the child wouldn’t have to take minimum required distributions, but they still would need to take everything out over 10 years.

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