The SECURE Act (Setting Every Community Up for Retirement Enhancement Act), enacted in December 2019, introduced significant changes to retirement savings plans aimed at increasing access and participation. One of its key provisions allows for larger contributions to 401(k) plans and expands eligibility for part-time workers, making it easier for them to save for retirement. Additionally, the act raised the age for required minimum distributions (RMDs) from retirement accounts to 72, giving individuals more time to grow their savings. It also enables parents to withdraw up to $5,000 from retirement accounts penalty-free for childbirth or adoption expenses. Overall, the SECURE Act aims to enhance retirement security for American workers and promote long-term savings.

Download this handy guide for more details on the key takeaways on this important piece of legislation.  

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