Jill On Money With Jill Schlesinger

After I wrote about the Setting Every Community Up for Retirement Enhancement (SECURE) Act, I received a slew of questions from readers.  So to help clear up some of the confusion, we’re bringing on IRA guru Ed Slott. (Ed will also join us for a tax season related episode) The Secure Act includes significant changes to retirement accounts, including: Age Limit Eliminated for Traditional IRA Contributions Beginning in 2020, the new law eliminates the age limit for traditional IRA contributions (formerly 70 ½). Now, those who are still working can continue to contribute to a traditional IRA, regardless of their age. RMD Age Raised to 72 The SECURE Act also raises the age for beginning RMDs to 72 for all retirement accounts subject to RMDs. IRA owners reaching age 70 ½ in 2020 catch a break and will not have to take their first RMD in 2020 now that the RMD deadline has been extended to age 72. New Exception to the 10% Penalty for Birth or Adoption The SECURE Act adds a new 10% penalty exception for birth or adop