New legislation could make changes to retirement plans

Congress recently passed the Setting Every Community Up for Retirement Enhancement Act, better known as the Secure Act, which if approved would be the biggest changes to retirement plans in a decade. If passed, the bill would do things like raise the age at which participants need to start taking required minimum withdrawals, allow up to $5,000 to be taken of 401(k) plans without penalty for child birth or adoption, and would make other changes. We’ll get more on the Secure Act from Jay Spector, a partner and wealth advisor for Barton Spector Wealth Strategies, who will also give financial tips for the new year.