This week, I’m talking about the SECURE Act - a massive, 1,773 page piece of bi-partisan legislation that was signed into law in December 2019, and it brings sweeping changes to the rules around your retirement. 

Today, I’m talking about how the SECURE Act eliminated the age cap on IRA contributions. Under the old rules, once you reach the age of 70 ½, you could no longer contribute to your IRA account. 

The new rules under the SECURE Act eliminate that restriction, as long as you’re still working. That’s the catch...you can still make IRA contributions past age 70 ½, but you still gotta be bringing in a paycheck. 

This was a popular feature of the SECURE Act, because many Americans are still working past the age of 70 ½ and would like to keep saving for retirement. Well now you can. 

And that’s why this matters for you...because you can save for longer in your IRA if you’re working longer. Many people will transition into retirement without enough for retirement, but if your health is good and you’re able to continue working, you can save longer too, and that’s good news!

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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