With few exceptions, the SECURE Act effectively eliminates “Stretch IRA” plans. Another change in 2020 is the elimination of longstanding provisions allowing non-spouse beneficiaries who inherit traditional IRA and retirement plan assets to spread distributions—and therefore the tax obligations associated with them—over their lifetimes.

Before my last blog post on January 14, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law on December 20, 2019. It represents the most sweeping set of changes to retirement legislation in more than a decade.