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What Is the SECURE Act?

What Is the SECURE Act? © (Getty Images) Shot of a mature couple using their digital devices while having breakfast together at home The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed in December 2019 and became a law as of Jan. 1, 2020. The legislation created changes for long-term retirement savings and has financial impacts for Americans at every age. What Is the SECURE Act? The SECURE Act changed a variety of retirement account rules, including who is eligible to contribute to retirement accounts and when withdrawals are required. The new legislation also adds a new exception to the early withdrawal penalty.

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