President Trump signed The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) into law on December 20^th of 2019. The law enacts notable changes upon IRAs and Individual 401(k) plans that retirement plan holders need to be aware of. 

Retirement income for an individual typically comes from several sources. These sources range from employer-sponsored plans such as 401(k)s, SEPs and SIMPLEs, to social security, and personal savings. IRAs are a part of the personal savings category. While some individuals do not need to, some end up working past retirement age to supplement their income. 

Contributing to an IRA provides an opportunity for individuals to increase their retirement savings and have more choices when they reach that retirement age.

Ten thousand baby boomers turn age 65 every day. While not all of them will retire in the traditional sense, it’s fair to say that they are thinking about how to use their retirement savings in the near future and especially in terms of legacy planning.

Legacy planning is the process of defining how wealth will be transferred from one generation to the next. This includes how the transfer of your retirement accounts to your beneficiary or beneficiaries will be handled...

A recent court case ruled that an individual’s IRA was not exempt from creditors despite the individual’s Chapter 7 bankruptcy filing. After the IRA engaged in prohibited transactions and lost its IRA status, the court determined that the IRA was no longer an IRA.