The SECURE Act Is Changing Retirement For Many–What You Need To Know Late last year, new legislation was signed into law that ushered in some of the most sweeping changes to retirement plans in decades. The Setting Every Community Up for Retirement (or SECURE) Act was originally passed by the House of Representatives last spring. It failed to pass the Senate then, but the legislation was included in the year-end spending bill that was passed on December 20, 2019. The SECURE Act became effective on January 1, 2020, and it will inevitably affect many retirement savers, for better or worse. Here are a few of the most significant provisions that you should be aware of: Elimination of the “stretch IRA” —Stretch IRA is a term that was used to describe a technique in which a beneficiary would extend distributions from an inherited IRA over his or her lifetime. This could enable young beneficiaries to extend the payout period from an inherited IRA over decades, spreading out the payment of income taxes over a long period of time. The SECURE Act effectively eliminated stretch IRAs as an estate planning tool. Effective for deaths occurring after December 31, 2019, funds from inherited IRAs 

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