Two years ago, the SECURE ACT was signed into law and substantially changed the rules regarding your retirement accounts. This has changed how people handle their retirement finances. One important change is the age year from which you must take your first required minimum distribution (RMD) from 70.5 to 72. The second important change is that the account holder beneficiaries are no longer able to “stretch” out their inherited IRAs over their own lifetimes. Once an account holder passes away, any non-spousal beneficiary has only up to ten years to withdraw the assets from that retirement account. This can have a significant tax consequence on the beneficiary. To discuss how these changes can impact you and your beneficiaries, please contact Pruitt Law Offices S.C. at 262-633-8301 or through our website at pruittlawoffices.com. “We are your partners for professional service.”