First, SECURE is the acronym for Setting Every Community Up for Retirement Enhancement. Someone stayed awake nights coming up with all that.
Second, it’s an attempt to bring the federal regulations about money saved for retirement purposes further into the 21st Century. Too many Americans are grossly unprepared for retirement and many that are prepared are frustrated by limitations written into the tax code decades ago. They don’t reflect the needs of people today.
Whether the proposal actually gets enacted and signed by this president remains to be seen. I can see too many Wall Street lobbyists making inroads into the proposal because of adjustements they’ll have to make that might cost them money. And then there’s the obvious lack of competence among those folks brought in by this administration to run government agencies. From my perspective, the swamp is far murkier than it was before.
Kiplinger recently published an article in the form of 11 ‘slides’ that highlight 10 ways that passage of this legislation could affect you and your retirement. Here’s the link to what they published: https://tinyurl.com/y4sq7h25
I would have you remember that retirement as we think of it today is likely to be a 25 – 30 journey into an unknown future with many financial challenges that are unique to retirement. Most of us have never encountered them before, at least not as they apply to us as retired people.
With no way to turn back the clock and start over, you need to be better prepared and able to make better and more informed decisions about your money before the wheels come off. Otherwise you’re going to be confronted by financial pain that may be impossible to get away from.
Be sure to check out the free course that I’ve included in my online school Successful Retirement Secrets. It’s a good place to start. Meanwhile, you have this article by Rocky Mengel, Tax Editor at Kiplinger. It appeared on July 16, 2019.
Here’s his first paragraph: With the decline of traditional pensions, most of us are now responsible for squirrelling away money for our own retirement. In today’s do-it-yourself retirement savings world, we rely largely on 401(k) plans and IRAs. However, there are obviously flaws with the system because about one-fourth of working Americans have no retirement savings at all—including 13% of workers age 60 and older.