Posts Tagged ‘Retirement’

In December of 2019, under the cover of darkness and impeachment hearings, some of the most significant tax legislation of the past 20 years passed in unusual bipartisan fashion: the Setting Every Community Up for Retirement Enhancement Act, or SECURE act.  The name- which undoubtedly took weeks of debate to come up with and agree upon, speaks to the purpose, though not the entirety or sweeping nature of the act; a rare legislative accomplishment for an otherwise gridlocked Washington.  While the act addresses a number of retirement chads left hanging after the Tax Cut and Jobs Act (TCJA) of 2017, it also makes changes to 529 plans, medical expense deductions, kiddie taxes and more.  The focus of the plan is clear, however, in its attempt to modernize and streamline retirement savings for Americans.