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On December 20, 2019, The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted into law. The SECURE Act changed several retirement provisions, most notably:

• For an IRA owner, the new required minimum distribution age is 72 (under prior law, it was age 70 ½).
• Funds held in an IRA must now be distributed to a designated beneficiary within 10 years after the IRA owner’s death.
• Exceptions apply if the beneficiary is a surviving spouse, a minor child, or a disabled or chronically ill beneficiary. The new law limits the use of so-called “stretch IRAs” — a financial strategy that allowed the designated beneficiary to receive IRA distributions over his/her lifetime.
• Individuals may now contribute to an IRA after age 70 ½.