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How The Secure Act Changes Retirement Planning

Last year we experienced the most legislation impacting retirement planning since 2006. If you are approaching retirement, you need to know how the SECURE Act changes retirement planning. The COVID-19 pandemic resulted in congress passing the CARES Act, SECURE Act, and the Consolidated Appropriations Act.

The SECURE Act (along with a series of tax-extenders) was signed into law at the end of 2020. Along with it comes sweeping changes that will affect retirement plans for years to come. Changes to retirement plans such as IRAs and 401ks may be substantial to many taxpayers. Especially those with large tax-favored retirement balances.

What follows is an explanation of what retirees need to know and what retirement planning steps you should take next.

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