In August we warned you that the Setting Up Every Community for Retirement Enhancement Act, better known as the Secure Act, was likely to become law and that it would ultimately cause more of your retirement accounts to be paid to the IRS. Well, it was signed into law on December 20, 2019 and it has significantly changed the traditional planning for retirement benefits known as the “stretch IRA”. Since it applies to anyone who dies after December 31, 2019, if you had planned to use the stretch IRA to pass your IRA to your children or grandchildren, you’re out of luck. As noted by The Wall Street Journal, “thanks for the grace period.” Here is a brief summary: Elimination of the stretch IRA.
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