SECURE ACT GIVEAWAY ANSWERS

Good evening Beautiful Women Supporting Women,

There sure has been a lot going on since we last touched base.  I hope everyone is home, quarantined and enjoying some of the new perks incorporated into our lives (e.g. working from home, shorter work days, spending countless time with the children.

With all of the Coronavirus craze going on, I did not post last week. I had 5 billion conference calls, not to mention,  my fellow colleagues and I were banned from our office! Well, at least we are all alive and hopefully healthy.

Last week I did the SECURE Act Giveaway and the winner of almost every challenge I’ve done is Lisaaaaaaa!  Congratulations Lisa!  You win 10 for answering correctly.

Here are the answers:

1. What is the new age for required minimum distributions?                                                           A: The new age is 72 –  70 1/2 is no longer the age at all.

2. When did the SECURE Act become a law?    A: December 20th, 2019 and became in effect on January 1st.

3. If I adopt a child, how much can I take from my retirement plan without a penalty?              A: I can take $5000

4.  If I’m married, what’s the total amount we can take from our retirement plan if we adopt a child?                                                                       A: I can take $10000 ($5000 each spouse)

5. True or False – Can a 529 College Plan be used to pay off outstanding student loans?      A: Yes it can

If you have any questions, please feel free to reach out here or email me at: thefinancialcomforter@gmail.com. Also use this email to respond to the questions.

Next week: The Safe Harbor Act

As always, thank you for reading.

Have a beautiful and blessed week,

Marsha

Changing the lives in our community….one family at a time

 

2 thoughts on “SECURE ACT GIVEAWAY ANSWERS

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.