The Setting Every Community Up for Retirement Enhancement (SECURE) Act, effective January 1, 2020, has these key areas of change:
1. At age 72 (not 70.5 anymore), you must start taking the required minimum distributions from your retirement accounts.
2. You can contribute to your Traditional IRA after age 70.5.
3. Distributions of non-spousal inherited retirement accounts, must be made within 10 years of account owner's death.
4. Penalty-free withdrawals can be made for birth/adoption expenses up to $10,000.
For more details on these changes, visit SECURE ACT 2020