SECURE Act Frequently Asked Questions

In late December 2019, Congress passed legislation to make it easier for people to save for retirement. It’s called the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Here are some general questions about this new law.

How does the SECURE Act affect required minimum distributions (RMDs)?

Will RMD payments start automatically?

I participate in a governmental 457(b) plan. Did the minimum age change for starting withdrawals?

When can I start withdrawing funds from a defined benefit pension plan?

What if I inherit the funds from a retirement plan?

Is there still an age limit for contributing to traditional IRAs?

Can I withdraw funds from my retirement account before I turn 59½ for costs associated with a birth or adoption?

What else should I know about the SECURE Act?