Financial Planning

Planning with IRA and 401(k) Assets in 2020 and Beyond

August 13, 2020

The biggest legislative change to retirement plans in more than a decade happened just before 12/31/19. The SECURE Act, among other things, eliminated the “stretch”, a core of estate plans for decades.

The first quarter of 2020 saw a global pandemic with a major unanticipated impact on the market. The IRS reacted with a waiver or relaxing of many 2020 requirements for IRAs and 401(k)s.

So what should people be doing in 2020, and beyond 2020, to incorporate their IRAs and 401(k) plan assets into their retirement and estate planning? In this webinar, Kimberly I. McCarthy, Esq., Senior Vice President and Chief Tax and Benefits Officer, Wealth Management Client Services, discusses an overview of key changes (and what stayed the same) under the new legislation and guidance, including contributions, RMDs, and elimination of the “stretch”. There is also a discussion of the key issues, concerns, and fixes to be considered for retirement and trust planning under the new rules.

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This material is presented for informational purposes, and nothing herein constitutes legal, accounting, or tax advice. Please consult with an attorney or tax professional regarding your specific financial, legal or tax situation.

The views expressed here are those of Washington Trust Wealth Management and are subject to change based on market and other conditions. Investment recommendations and opinions expressed in these reports may change without prior notice. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.