The world is always changing, and new opportunities for tax savings arise constantly. Here are some of the latest updates and publications that may affect your giving:

SECURE Act

Key takeaways:

• Repeals the maximum age for traditional IRA contributions.
• Increases the required minimum distribution (RMD) age for retirement accounts to 72 (up from 70½).
• Allows long-term, part-time workers to participate in 401(k) plans
• Offers more options for lifetime income strategies.
• Permits individuals to withdraw up to $5,000 from retirement accounts penalty-free within a year of birth or adoption for qualified expenses.
• Allows parents to withdraw up to $10,000 from 529 plans to repay student loans.

As part of a larger government spending package signed into law on December 20, 2019, Congress included provisions from the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The act includes reforms that could make saving for retirement easier and more accessible for many Americans.

The legislation reflects policy changes to defined contribution plans (such as 401(k)s), defined benefit pension plans, individual retirement accounts (IRAs) and 529 college savings accounts. Most provisions in the law went into effect on January 1, 2020.

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