On December 20, 2019, the SECURE Act was signed into law by President Donald Trump and contains 29 different provisions, encompassing many aspects of retirement saving and financial planning.
There are many new critical provisions of the SECURE ACT. Still, the one that has the most significant impact on your retirement here in The Villages is the delay of the age for required minimum distributions (RMDs) from 70½ to 72. This favorable development only applies to people who reach 70 1/2 after 2019. If you turned 70 1/2 in 2019 or earlier, you're unaffected. If you will turn 70 1/2 in 2020 or later, you won't need to begin taking RMDs until after reaching age 72. If you're still working after reaching the magic age and you don't own over 5% of the employer, you can delay taking RMDs from your employer's plan until after you've retired.