The SECURE Act changes the retirement rules for individuals and companies, which means current and future retirement plans need to be reviewed and adjusted.
Funding your retirement is likely one of the biggest financial challenges you will encounter in your entire life. You buy a house, start a family, send your kids to college, and then somehow need enough money to live for 20 to 30 years without a paycheck. It's enough to make anyone stressed.
As if that weren't enough, the government has all sorts of rules about how you can save your money, and when you can or can't take that money out. Sometimes there is a penalty for withdrawing money before a certain age. Sometimes you have to withdraw funds even if you don't need them and would rather they stay invested. Many people don't know about these rules, and they make mistakes which hurt their financial plans.
Not to mention, the idea of "retirement" is changing.
Joining us for our discussion on Retirement Explosion
is Ed Slott who is on the phone from his New York office. Ed Slott is a nationally recognized IRA distribution expert, professional speaker, television personality, and best-selling author. He is known for his unparalleled ability to turn advanced tax strategies into understandable, actionable and entertaining advice. He has been named “The Best Source for IRA Advice” by The Wall Street Journal, and USA Today wrote, “It would be tough to find anyone who knows more about IRAs than CPA Slott.” His latest book is The New Retirement Savings Time Bomb. Welcome to Mastering Your Money, Ed Slott .