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A retirement professional can help you navigate the changes and adjust your plans as needed. Bottom line The SECURE Act is designed to tweak tax-advantaged retirement savings programs in a way that's likely to change the way many investors plan for retirement. The end to the age limit on traditional IRA contributions means retirees would have more time to add to their savings, and raising the RMD age is complementary to this change. Try to keep an eye on any changes to the SECURE Act, as it hasn't been passed by the Senate or signed into law by the President yet. So there is always the potential for certain aspects of the legislation to be changed before the bill crosses the finish line. Learn more: These are the best and worst states for retirement 5 ways to maximize your 401(k) plan How much will retirement cost?
Roth ira maximum contribution 2012 table
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- The Maximum Age Limit For Contributing To A Traditional IRA May Be Going Away Soon | Bankrate.com
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"The SECURE Act addresses a number of issues that hold retirees back, " says Devin Carroll, a financial planner specializing in retirement. "It's refreshing to see meaningful bipartisan retirement reform. " Major changes to traditional IRAs as a result of the SECURE Act Before the SECURE Act After the SECURE Act Can't contribute once you reach age 70 1/2 No age limit for retirement contributions Begin taking RMDs at 70 1/2 Begin taking RMDs at age 72 Non-spouse heirs can stretch withdrawals over their own life expectancy Non-spouse heirs must withdraw inherited assets within 10 years Carroll is especially happy to see the proposed elimination of the age cap, as well as the provision to raise the age at which retirees have to take required minimum distributions (RMDs) from 70 ½ to 72. [READ: Here's how the SECURE Act could impact your retirement savings] The IRA maximum age limit explained IRAs are popular for their flexibility. It's possible to hold a variety of assets, such as stocks, bonds, mutual funds and ETFs, in an IRA, which makes them attractive to many investors and retirees.