How does the SECURE Act impact IRAs?

The SECURE (Setting Every Community Up for Retirement Enhancement) Act contains revisions to the Internal Revenue Code affecting certain retirement plans. Here is a summary of its changes to IRAs offered at Golden 1:

Traditional IRAs

• The minimum distribution age has changed to 72 (formally 70 1/2). Members who were born on or before June 30, 1949, are still required to take their minimum distribution the year they turn 70 1/2.
• You can make IRA contributions beyond the age of 70 1/2.

Traditional and Roth IRAs

• You may withdraw up to $5,000, without incurring a 10% IRS premature distribution penalty, upon a qualified birth or adoption of a child.
• Maximum contribution limits for 2023 are: $6,000 under age 50 and $7,000 age 50 or older.

The SECURE Act may contain changes to other retirement products we do not provide. Please consult a tax professional.