FOUNDATION FACTS - THE SECURE ACT
You may have heard news about the SECURE Act that was recently signed into law. The SECURE Act, which stands for “Setting Every Community Up for Retirement Enhancement”, increases the age at which you must begin taking an annual required minimum distribution (RMD) from your IRA. Prior to the passage of the SECURE Act, RMDs were required beginning at age 70-1/2. Now, beginning in 2020, the age requirement has increased to 72. If you turned 70-1/2 in 2019 and took an RMD, you will still be required to continue to take an RMD from your IRA until and after you turn 72. For more information about how the SECURE Act affects you, contact your financial advisor or tax professional, or read more at https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds.
Whether you’re 70-1/2, 72 or 102, you can use your RMD as a charitable gift and avoid tax penalties through a qualified charitable distribution (QCD). To learn more about how you can support seniors in need through a QCD to the Warm Hearth Foundation, contact Amy Slone at (540) 443-3413.
