The SECURE Act - Conway Center for Family Business


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A blog post from Gryhpon Financial Partners, a Conway Center Service Provider member.

Secure Act Key Retirement Changes

On December 20, 2019 President Trump signed into law The SECURE act, an acronym for Setting Every Community Up for Retirement Enhancement. The bill is intended to strengthen American’s retirement security.

Key points:

Increasing the Required Minimum Distribution Age

Effective January 1, 2020, the age at which individuals must begin taking their Required Minimum Distributions from their retirement accounts has been raised to 72 from 70 ½.  This only applies to people who turn 70 ½ after December 31, 2019. If an individual turns 70 ½ in 2019, the law does not apply.

Contributions to Traditional IRAs after age 70 ½

For tax years beginning in 2020 and beyond, an individual can now make contributions after reaching 70 ½. Before the Secure Act, an individual could not make contributions to a traditional IRA for the year he/she turned 70 ½ or any year later. The Secure Act repeals this age restriction.

New Rules for Inherited Retirement Accounts

Under the new law, most non-spouse inherited retirement accounts can no longer distribute the assets over the beneficiary’s lifetime. The assets must now be distributed within 10 years.

The bill does not affect existing inherited accounts and only applies to accounts inherited in 2020 and beyond.

Change to 529 Plans

The Secure Act now allows families to use 529 plan savings to repay up to $10,000 in student loans. Keep in mind this is a Federal law, so state taxes may still apply. Also, qualified higher education expenses will now include fees, books, supplies or equipment required for apprenticeship programs. 

Many of these changes will involve long term strategies that we will continue to monitor. If you have any questions or comments, do not hesitate to reach out to us.


Gryphon Financial Partners, LLC (GFP) is an Investment Adviser.

This information does not constitute and is not intended to be a substitute for specific individualized accounting, legal or estate-planning advice. Where specific advice is necessary or appropriate, we recommend consultation with a qualified advisor, CPA, estate planner or attorney. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

This is not intended as an offer or solicitation to buy or sell securities. No investment process is free of risk and there is no guarantee that the investment process described herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee.

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