Passed by Congress in December 2019, the “Setting Every Community Up For Retirement Enhancement (SECURE) Act” introduced substantial updates to long-standing retirement account rules. 

One of the most notable changes was the removal of the ‘stretch’ provision for certain non-spouse designated beneficiaries of inherited retirement accounts and the introduction of a “10-Year Rule” requiring those beneficiaries to deplete the entire balance of their inherited retirement account within ten years after the original owner’s death.

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