Most middle-class workers have no ownership of their benefits, and Social Security benefits are not inheritable. Today’s Social Security system gives workers no choice or control over their financial future. Social Security and Medicare are primarily funded by taxes of young workers. Over the past 100 years, politicians have replaced personal savings, family obligations, and private charities with federally-managed transfer systems to support the elderly. The Act is a jumble of exceptions and rules, so it presents a puzzling bind for the investor and estate planner. The Act itself is the latest attempt to both plug the hole in the pension deficit and grab more taxpayer money. The SECURE Act is the most extensive retirement act since the Pension Protection Act of 2006. In short, a distinct threat to American savers was promptly swept under the proverbial rug. Congress tacked language on to the end of the annual spending bill in 2019 that forced Representatives and Senators to either vote for the law or vote for a government shutdown.

While your stockings were hung by the chimney with care, the SECURE Act (Setting Every Community Up for Retirement Enhancement) was quietly signed into law by President Trump on December 20, 2019.

Why do I need an Estate Planning Attorney?.

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