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Ira Accumulation Trust Sample Language Secure Act Form

Ira Accumulation Trust Sample Language Secure Act Form

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that is is it was a piece of legislation that was passed in december of 2019 and it changed retirement accounts pretty dramatically so if you have a retirement account like an ira or 401k you've probably heard of the term required minimum distribution or rmd so for years what that meant was that once somebody turned 70 and a half if they had an ira a 401k they had to pull money out of it and they had to pay taxes a very bittersweet moment as i like to say for senior citizens you have to pull money out and you have to pay taxes now that 70 and a half age that was raised last year to age 72. and as you may know 2020 there is no rmd requirement they waived it under the cares act that passed uh back in march at this point i believe it was april there's no rmd this year but when the rmd eventually comes back whether it's next year or in the year 2022 you don't have to take an rfd until you are 72 years of age now another change that came from the secure act is what we call the 10th year rul

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