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Alpha Wealth Management & Planning, LLC

Highlights of the Spending Bill

Happy Holidays! Big changes are coming to retirement planning thanks to the federal government. The SECURE Act has now been signed into law. 

The SECURE Act hopes to modernize the retirement system. It will allow more workers to participate in 401(k) plans and offers small companies the chance to group together their plans to lower expenses. For retirees, the biggest change is an increase in the age you'll need to take your required minimum distribution (RMD) - bumping it up from 70 1/2 to 72. Beware this increase in age requirement is only applicable if you have not yet turned 70 1/2 and begun taking your RMD.