It’s called “The Secure Act” and was signed into law last month by President Trump as part of the end of the year appropriations bill, and it could affect how you save for retirement.
The “Setting Every Community Up for Retirement Enhancement Act of 2019” includes some key takeaways including a safe harbor provision for small business owners to provide retirement options for employees that are less expensive and easier to navigate; part time workers may now be able to participate in their employers 401(k); required minimum distributions are kicked up by a year and a half for IRA’s.
Ken Moraif, host of KTRH’s “Money Matters” program heard weekends, Saturday 4-5 pm and Sunday 1-2 pm, is coming to Houston for a live, free town hall at KTRH, 2000 West Loop South, on Tuesday, January 21 from 5:30 to 7 and will answer any questions you have about how changes to laws affecting retirement savings may impact you. He says the Secure Act will affect those adopting a child and parents paying on a student loan. You can register to be a participant in the town hall here.
According to the U.S. Bureau of Labor Statistics, 55% of American workers don’t participate in their company’s retirement savings plans.