‘HOW WILL THE SECURE ACT AFFECT ME?’
While the SECURE Act went into effect Jan. 1, 2020, there’s still some confusion surrounding it, and the recent COVID-19 crisis has understandably drawn people’s attention away from future retirement. That’s why we want to revisit the topic and remind people of what they need to know about the SECURE Act. First of all, what is the point of the SECURE Act? The bill increases access to tax-advantaged accounts and will help sustain retired Americans’ assets. Small-business owners can set up “safe harbor” retirement plans that are less expensive and easier to manage. Even part-time employees are eligible to participate in an employer retirement plan. This should help increase the number of Americans who will be prepared for retirement. NOW, 72 ISTHE NEW 70 1/2. In the past, retirees had to start taking the required minimum distribution at the awkward age of 70 1/2. Now, they can wait until age 72. However, if you reached 70 1/2 in 2019 or before, you are still subject to the old rules. YOU CAN KEEP MAKING CONTRIBUTIONSTOTRADITIONAL IRAs. You don’t have to stop putting money into your traditional individual retirement account, and the act repeals the age limitation for making contributions so you can contribute as long as you have earned income. Previously, the maximum
age for contributions was 70 1/2. Now, even if you are still working, you can contribute to your account even while drawing money out.
THE STRETCH IRA IS DEAD. While existing “stretch IRAs” are grandfathered in and still follow old tax rules, stretch IRAs are unlikely to be used by financial and estate planners in the future because the tax advantages have been drastically reduced.
You can learn more SECURE Act tips on our website, DupontWealth.com, or give us a call with your questions!
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BREAKFAST SAUSAGE KEBABS
Inspired by TasteOfHome.com
INGREDIENTS
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7 oz frozen, fully cooked breakfast sausage links, thawed 20 oz pineapple chunks, drained
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10 medium-sized, fresh mushrooms 2 tbsp butter, melted Maple syrup, to taste
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EQUIPMENT
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5 metal or soaked wooden kebab skewers
DIRECTIONS
1. Cut sausages in half. Thread alternating sausages halves, pineapple chunks, and mushrooms onto kebab skewers. Brush with butter and syrup.
CAESAR FIREWORKS GRILLING INDEPENDENCE
LARKSPUR PEACHES PICNIC POPSICLES
RUBY SPARKLER SUNGLASSES SWIMMING
2. Grill over medium heat, regularly turning and basting with syrup, until sausages are lightly browned, about 8 minutes.
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