The SECURE Act and eMoney

The SECURE Act (Setting Every Community Up for Retirement Enhancement) was passed and signed into law on December 20, 2019. This new law aims to strengthen retirement security across the country, giving advisors a unique opportunity to engage with their clients on a major piece of legislation.

Sign up for our eMoney and the SECURE Act webinar on Wednesday, February 5, at 1:00 p.m.

What Are the Major Changes in Retirement Planning?

The SECURE Act is complex and touches many aspects of retirement. There are a number of ways the new bill could impact the way advisors interact with both their financial planning software and their current clients, including:

  1. The start age of Required Minimum Distributions increased from 70 ½ to 72
  2. Stretch IRAs Repealed
  3. 100% of Inherited IRA must be distributed by the end of the 10th year after the participant’s death
  4. Traditional IRA Contribution Age Limit Repealed
  5. Availability of Income Annuity Option in Qualified Plans
  6. The use of 529 Plans for Student Loan Repayment

eMoney’s Comprehensive Planning Approach to the SECURE Act

eMoney has always believed in the value of financial planning, and now, the argument for using planning as the basis of a fruitful relationship with clients is stronger than ever.

Due to the current level of sophistication of our platform and our existing comprehensive approach to financial planning, we are already well-positioned to accommodate the changes occurring with the SECURE Act, including:

Now Is the Time to Engage Clients

Introducing your clients to these changes, as well as the new possibilities for retirement savings demonstrates that you have their best interests at heart and are helping them achieve their goals.

Plus, having another opportunity during the year to meet your clients and find out what’s on their minds may uncover other opportunities as well.

Show your clients how the SECURE Act may affect their savings and demonstrate the value of your advisory services.

Additional Resources

A summary of the major provisions of the bill can be found at Congress.gov: https://www.congress.gov/bill/116th-congress/house-bill/1994.

The full text of the bill with a clickable table of contents can be found at Congress.gov: https://www.congress.gov/bill/116th-congress/house-bill/1994/text .