With the passing of the SECURE Act, the way you plan for the future has drastically changed. The age for taking RMDs has been pushed back from 70½ to 72, and inherited Roth and IRA accounts need to be spent over the course of ten years as opposed to spreading it throughout your lifetime. It’s only natural to be wondering how this might affect you. Countless residents of the Hunterdon County, Mercer County, Middlesex County, Somerset County, Burlington County, or Camden County areas of NJ, as well as the Chester County, Montgomery County, Bucks County, and Lehigh County, PA, areas may need the help of a long-term care insurance company to figure out these changes.
At Secure Retirement Strategies, we want to reassure you that if you have a life insurance retirement plan (LIRP) with us, you have nothing to worry about! Watch the following video and read on to learn more about the status of the LIRP under the SECURE Act.
Good News for Current LIRP Account Holders
If you are already the owner of a LIRP account, this will come as great news to you; you should be grandfathered in, and the SECURE Act updates will not apply. After all, this is a plan that over 60% of congresspeople are currently using, which means they would be making sure that this type of account is protected under the new SECURE Act. As long as you are enrolled with a LIRP, you will still receive the tax-free benefits, death benefit, and long-term care benefits that you relied upon before this act was put into place.
The Time to Enroll is NOW!
There is a chance that you are currently not enrolled in a LIRP—to which we say that the perfect time to invest in one is right now. The timing of enrolling before the SECURE Act starts to make a significant difference, combined with the low tax rates set in place by COVID-19, which we have discussed. We highly recommend that those looking to get a head start on retirement savings in the Hunterdon County, Mercer County, Middlesex County, Somerset County, Burlington County, or Camden County areas of NJ, as well as the Chester County, Montgomery County, Bucks County, and Lehigh County, PA areas look into a retirement investment plan.
While the SECURE Act may be changing the way many save for retirement and open individual planning accounts, rest assured that your LIRP will remain unchanged and will continue to be one of the best investments you ever make. To learn more about our plans, or to inquire about an online consultation, contact us today!