This proposed new tax law may let you build a bigger IRA in retirement:
There are potential changes afoot in the retirement arena, and some of those changes could be potentially beneficial for a lot of retirees. On March 29, the House Ways and Means Committee unveiled, or the SECURE Act. This is a bipartisan bill, co-sponsored by Rep Ron Kind , ranking member Kevin Brady and Mike Kelly, .
The House version of the Bill moves the RMD starting age to age 72, which will allow retirees to have more discretion in when to take their RMD and to delay it if they so desire. We looked at a $1M IRA. Under the current rules, they would begin RMD in the year they attained 70 ½. If they made 7% on their IRA investments and took their RMD at year-end, they would have a significantly larger IRA throughout retirement, primarily due to accumulating IRA assets for an additional period of time.
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