Additional resources provided by the author
The Repeal of the Maximum Contribution Age is another huge consideration when investing for your retirement. Prior to the SECURE Act, one was not allowed to contribute to a traditional IRA during or after the calendar year in which s/he turns 70. This limit has now been repealed, and tax-deductible IRA contributions can now continue with no age cap, allowing additional time to grow such tax deferred accounts. With more individuals working well into their 70s, this is a welcome change, which adds more time to strategize and reposition the tax deferred versus the non-tax deferred pieces of one’s investment portfolio.
The SECURE ACT is a good reminder that with the changing laws, and evolving individual tax and income levels, financial goals and family dynamic, Estate Plans should be reviewed with fresh eyes every few years to ensure that they remains adequate and keep current with the world around us.