Faith & Finance

Rob West

Breaking Down the SECURE Act

March 14, 2020
00:00 25:00

Changes are coming to the way you’ll save and spend your retirement funds, some good, some not so much. We’re reminded of that ancient saying, “Change is inevitable … except from a vending machine.” But seriously, folks, the SECURE Act, signed into law in December, makes significant changes to qualified retirement plans like the 401k and IRA among other things. Financial planner and teacher Rob West breaks them down for us. 

 

•          SECURE Act stands for “Setting Every Community Up for Retirement” Enhancement.” 

•          One of the more significant changes raises the age you have to start taking RMDs,  required minimum distributions, from 70 ½ to 72.

•          The maximum age you can contribute to your traditional IRA is gone.

•          The “stretch IRA” has been eliminated.

•          Starting next year, small companies will be allowed to join together into a group for 401k purposes.

•          Part of the SECURE Act now allows parents to withdraw up to $5,000 from a retirement account, penalty free, for a full year after a birth or adoption.

 

In today’s show we also answer your questions:

 

•           I have a 401K that I would like to give to someone who is purchasing a home. What is the best way to do this and what are the tax ramifications to this?

•           My wife and I are retiring early. We have 401Ks with our employers. They are set at a 20-30-target fund. Since we won’t be touching it for a while should we change it?

•           I have a lot of credit card debt. What is the best way to start getting out of this?

•           I am living with my dad to take care of him. We are both debt free. I have profits from the sale of my home. What is the best way to invest this money?

 

Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Featured Resources From Faith & Finance

Listen to Faith & Finance on Amazon Echo and Google Home Learn How

About Faith & Finance

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio program Faith & Finance heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


 

Contact Faith & Finance with Rob West

Mailing Address
Faith & Finance
P.O. Box 471526
Tulsa, OK 74147


Telephone
1-800-525-7000