SECURE Act Brought Sweeping Changes to IRAs
There are certainly a lot of new areas to the legislation, but for those of us with Self Directed IRAs or considering a new Gold IRA there are three key changes effective immediately:
Prior to the Act, RMD was reached at the age of 70½, now it’s been put back 18 months to 72.
From the 2020 tax year onward, SECURE means it’s possible to go on adding to a traditional IRA, even after the age of 70½.
You can still contribute to your account after 70½, but benefits related to passing on tax-advantaged accounts have been reduced.