Business
In this episode, Debbie talks about 5 Pieces of the SECURE Act you should be aware of and how they could affect your retirement plan.RMD age will be raisedStudent loan repayment reliefNew savings opportunities for new parentsAbolition of "stretch" IRAsPotential Expansion of AnnuitiesConverting from a traditional IRA to a Roth IRA is a taxable event. A Roth IRA offers tax-free withdrawals on taxable contributions. To qualify for the tax-free and penalty-free withdrawal of earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59½ or due to death, disability, or a first time home purchase (up to a $ 10,000-lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes.