How Does the SECURE Act Impact Saving After Age 70?
According to a recent GALLUP survey, 63% of Americans plan on working part-time in retirement. And I think that makes a lot of sense. After all, working part-time not only provides some extra income, it’s also a way to stay active and engaged. To my mind, it’s an ideal scenario.
The new SECURE Act has changed how you can treat your savings after age 70. Another change is the start date for required minimum distributions (RMDs). Let’s review the RMD rules first, then take a look at the various accounts you can use for savings, beginning with IRAs, and then also look at employer plans and taxable accounts.
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Written By: Carrie Schwab-Pomerantz (Charles Schwab & Co., Inc.)