Congress has passed, and the President has signed, a spending bill that includes the SECURE Act, which makes a number of changes in retirement planning rules. Here are some highlights:
1. Minimum distributions from IRAs and retirement plans, required to begin soon after age 70 1/2, may be postponed until age 72. This change applies to those who reach age 70 1/2 after December 31, 2019.
2. Participants in IRAs and retirement plans may withdraw up to $5,000 without penalty (but with tax) to pay the costs of the birth or adoption of a child.
3. Contributions to IRAs were