King of Prussia, PA -- (ReleaseWire) -- 02/13/2020 --Crash Proof Retirement analysts, staff, and independent educators recently completed the 2020 Advanced IRA Studies, presented by the Pension Management Company.
Presented by Francis X. Krawiec, Executive Vice President of the Pension Management Company, Crash Proof Retirement employees and independent educators renewed their 2020 Professional IRA Expert certificates. Every year, the independent educators, analysts, and staff participate in an all-day IRA training to learn more about the complex issues relating to IRA retirement plans. In doing so, participants are kept up-to-date with new laws, regulations, and rules associated with their client's IRA accounts. This year's focus was zeroed in on the effects of the 2019 SECURE Act as well as proposed IRS regulations and how they will impact clients who have IRA accounts.
Most notably, participants learned that the SECURE Act will impact the way that account holders will be able to leave savings in the form of legacy to a non-spouse beneficiary. With the elimination of the "Stretch IRA," non-spouse beneficiaries who have reached the age of majority will have ten years to completely withdraw funds from the IRA account. The SECURE Act also increased the required minimum distribution age to 72, an increase from the previously required 70 ½ years old.
During the training, participants engaged with Krawiec to expand on the specific IRS changes that will go into effect in 2021. Krawiec stated, "[T]he IRS didn't just give us a new Uniform Lifetime Table for next year, they gave us a new Single Life Expectancy Table, as well." He went on to explain that updates to the tables will not be grandfathered into the new rules like the changes made under the SECURE Act. Therefore, individuals using either table to calculate their required minimum distributions will have to recalculate their distribution once the calendar turns to January 2021.
Since the switch to the new tables are retroactive, Krawiec clarified that the updates to the Single Life Expectancy Table, "[Will be] a nightmare," for IRA owners and financial institutions. If an individual has been using the single life table for a number of years, when the rules go into effect in 2021, the beneficiary will have to recalculate their distribution by going back to the year they originally began taking RMDs and subtract one for each progressing year until the present date.
Participants collectively agreed that the training is informative and essential in providing clients with the best service possible. A 2008 quote from Phillip J. Cannella III, Founder of Crash Proof Retirement, LLC encapsulates the importance of the training. "The advisors in this country that don't wake up and don't start getting themselves trained in IRAs, they're going to be out of business," Cannella said. That quote has stood strong for a dozen years and reflects the dedicated service of the Crash Proof Retirement® System.
Krawiec noted that IRA regulations and laws are not always set in stone, as made evident by changes made in the SECURE Act and IRS regulations. By receiving Advanced IRA Studies, independent educators, analysts, and staff can properly and more efficiently advise their clients. Additionally, clients can maintain their peace of mind knowing that the team members at Crash Proof Retirement, LLC are Professional IRA Experts.
For more information about the SECURE Act and IRS distribution tables, visit: https://retirementmediainc.com/latest-news/.
About Crash Proof Retirement
Crash Proof Retirement is a retirement planning company based in King of Prussia, PA that emphasizes safe alternatives to Wall Street's risky investments for all people, especially those in or near retirement. With over 5,000 retirement accounts already protected from stock market crashes, founder Phil Cannella and CEO Joann Small have made it their mission to educate every American about safe alternatives to stock market investing. For more information, visit crashproofretirement.com or tune in to the Crash Proof Retirement Show which airs in the Philadelphia area Saturdays at 11 am and Sundays at 1 pm on Talk Radio 1210 WPHT and in South Florida Sundays at 8 am on Legends 100.3 FM.