How the SECURE Act is Changing IRA Rules

older couple sitting at kitchen table

With the signing of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, many of the longstanding rules for IRAs and other retirement accounts have been changed. Here’s what you need to know about the SECURE Act.

What is the SECURE Act?

According to a study by Northwestern Mutual, one in five Americans have no retirement savings at all and one in three Baby Boomers (generation closest to retirement age) have less than $25,000 in retirement savings. Factoring in current life expectancies and cost of living, it’s recommended you’ll need at least $1 million saved by the time you retire to live comfortably.

Due to the decline in retirement savings, the SECURE Act was created with the intention of helping Americans in their ability to save for retirement. It took effect on January 1, 2020 and will affect the 2020 tax year.

What does the SECURE Act change?

Here are some of the main changes the SECURE Act makes for retirement savers.

  • The maximum age (70½) for IRA contributions has been eliminated.
  • The age at which required minimum distributions must begin has been pushed up from 70½ to 72.
  • Inherited IRAs (except those inherited by the decedent's spouse and certain other individuals) will have to be distributed within 10 years.

View a complete summary of the SECURE Act by visiting

Make sure you’re maximizing your retirement savings with the IRA options at Partner Colorado. The sooner you start saving, the sooner you can begin the good life of retirement. We make it easy to start planning for the future while potentially saving on taxes now.*


*Consult with a qualified tax professional for specific tax advice.