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Secure Act

SECURE Act

Setting Every Community Up for Retirement Enhancement (SECURE) Act

The SECURE Act, signed into law on December 20, 2019, included a package of changes to the laws governing retirement plans and Individual Retirement Accounts (IRAs). This document highlights some of the changes that affect IRAs.

Please note that the IRA Disclosure Statement and endorsements included with your annuity contract do not yet reflect the changes in the law. We will notify you regarding the updated documents after they are amended to reflect the new rules.

IRA owners may be able to delay taking Required Minimum Distributions (RMDs) until they reach age 72. 

Increases the age certain individuals are required to start taking RMDs from age 70½ to age 72:

  • If you turn 70½ after December 31, 2019 the deadline for taking your first RMD from your traditional IRA is now April 1 of the year after the year you turn 72.
  • If you turned 70½ prior to January 1, 2020 this rule change does not apply to you, and you must continue taking RMDs.

Non-spouse beneficiaries must fully withdraw the balance of Inherited IRAs within ten years.

Non-spouse beneficiaries who inherit IRAs (including traditional, Roth, SEP, and SIMPLE IRAs) from owners who die after December 31, 2019, must withdraw the entire IRA balance by the end of the tenth year after the IRA owner’s death. A spouse beneficiary has the option to stretch IRA distributions over their own life expectancy or withdraw the entire account balance by the end of the tenth year after the IRA owner’s death.

The age limitation for traditional IRA contributions has been repealed.

For taxable years 2020 and later, individuals of any age with earned income can contribute to traditional IRAs. If you are still working, you may be able to contribute to your traditional IRA for 2020 and subsequent years, even after you reach age 70½ (provided that you are otherwise eligible to make IRA contributions).

Penalty-free birth or adoption withdrawals.

Beginning January 1, 2020, you can take a penalty-free distribution, up to $5,000, from your IRA for the birth or adoption of a child. Such distributions must be made within one year from the date of the birth or adoption and can later be rolled back into an IRA. Special IRS reporting requirements apply.

Please speak with your tax and/or legal professional regarding questions you have regarding these rules and your particular situation.

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Secure Act Disclaimer

This material has been prepared for general and educational purposes only. The material does not provide fiduciary recommendations concerning investments, nor is it intended to serve as the primary basis for investment decision-making. American National, its affiliates, and its associates do not provide legal or tax advice. Any tax-related discussion contained in the material is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any tax penalties or (ii) promoting, marketing, or recommending to any other party any transaction or matter addressed herein. Please consult your independent legal counsel and/or tax professional regarding any legal or tax issues raised in this material.



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American National is a group of companies writing a broad array of insurance products and services and operating in all 50 states.  American National Insurance Company was founded in 1905 and is headquartered in Galveston, Texas. In New York, business is written through Farm Family Casualty Insurance Company, United Farm Family Insurance Company, and American National Life Insurance Company of New York, Glenmont, New York. Property and casualty insurance is written through American National Property And Casualty Company, Springfield, Missouri, and its subsidiaries and affiliates. Other products and services referenced in this website, such as life insurance, annuities, health insurance, credit insurance, and pension products, are written through multiple companies. Not all products and services are available in all states. Not all companies are licensed in all states. Each company has financial responsibility only for its own products and services and is not responsible for the products and services provided by the other companies.

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