If you’re ready to enjoy your retirement in a financially viable and secure way but are concerned you may not have all the knowledge or expertise you need, this article and its resources may help.
As a REALTOR and Broker with over four decades of experience, there have been countless times I’ve been called upon to assist seniors in sorting out and planning their finances, especially after selling their homes. I even have a special designation, the Seniors Real Estate Specialist (SRES), which means I have invested in an intensive training program to understand better the unique needs of my clients who are 50 years or older.
Here is a relatively new law that is designed to help everyone who is planning the financial aspects of their retirement.
How The SECURE Act Impacts Your Retirement
The SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019), aimed at improving people’s retirement security, was signed into law at the end of 2019. Certain aspects of the Act affect Individual Retirement Accounts (IRAs), so it’s essential to review their implications if you are in the planning stages now.
The following describes a few important points that will affect your savings planning.
Required Minimum Distributions
You can now wait until you’re 72 to start taking money out of Required Minimum Distributions (RMDs), giving you extra time to save and let your money grow.
Longer window for saving
To save even more money for retirement, you can now keep contributing to your IRA for as long as you’re still working. This is a significant change from the former age limitation.
Inherited IRAs rule change
If you’re inheriting an IRA, you can now take fund distributions over ten years.
The SRES blog has a lot of material in it, so it’s also good online resource.
To make sense of the many things you need to as you approach retirement, with all its life-changing implications, I can act as your one-stop resource! Here are a few more of specifics I can help you sort through:
- preparing your home for sale, including repairs if needed
- finding reliable movers, you can depend on
- sorting out storage options, particularly crucial
- if you need to downsize
- estate sales
Did you know there are over 350,000 homeowner associations in America, each having countless rules and regulations? I can also assist you in navigating through local regulations that will impact you.
From technical documents, like the SECURE Act, that will affect you in your retirement, to tax and IRA considerations, to the many resources you need to pull together to sell your home, I have my fingertips on important resources.
The grass is greener in Columbus, which is ranked as one of the most stable real estate market in the United States. I’m here to help you with all your home, retirement, financial, and associated planning needs. Please head over to my website for even more information, or give me a call at (614) 496-4012 if you’d like to talk now.