The SECURE ACT of 2019
Public Law 116-124
Public Law 116-124, usually referred to as the SECURE Act of 2019, stands for Setting Every Community Up for Retirement Enhancement Act of 2019. As the name indicates, the intention is to encourage people to plan for retirement.
It was originally passed in the House in July 2019 and approved by the Senate on December 19, 2019 as part of an end-of-year appropriations act and accompanying a tax measure. It was signed into law by the President on December 20th, 2019.
The goal of Public Law 116-124, the SECURE Act, is to increase access to tax-advantaged accounts and prevent older people from living longer than their assets do (running out of money, in other words). The SECURE Act of 2019 does not provide the funds for retirement, so it is still up to individuals to set aside personal funds for retirement.
United Insurance Educators, Inc.