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Planned Giving

The FAQs on the SECURE Act


The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted Jan. 1, 2020. With it came many questions for those who are planning for retirement, retired or who are retiring in the near future.

 

Read more . . .

And, for additional information concerning Diocese of Baton Rouge Planned Giving options, please visit the “Plan My Legacy” page through the Office of Stewardship website: http://officeofstewardship.planmylegacy.org

The FAQs on the SECURE Act

 

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted Jan. 1, 2020. With it came many questions for those who are planning for retirement, retired or who are retiring in the near future. Passed as part of a spending bill, the SECURE Act brought with it the most significant changes to retirement plans since 2006. While some changes impact you, others will impact the people you name as a beneficiary.

Changes to Know

1. You can contribute to your IRA longer. Previously, you could not contribute to your IRA after reaching the age of 70½. However, more and more people are working past that age. The SECURE Act repeals this age limitation, allowing you more time to save. 

2.  The required minimum distribution (RMD) age changed. The SECURE Act changed the age at which you must start taking RMDs from your retirement account from 70½ to 72 for those who were born July 1, 1949, or later. This change allows you additional time to grow the funds in your account before you have to start withdrawing from it. 

3.  IRA beneficiary rules have changed. Prior to the SECURE Act, beneficiaries could take distributions throughout their lives. This offered     tax savings for the beneficiary. The SECURE Act preserved this option for beneficiaries who are spouses, but repeals it for non-spousal IRA beneficiaries. They will now have 10 years to withdraw the entire amount. 
 

What Stayed the Same

If you’re 70½ or older, you can still make a tax-free gift to a qualified charitable organization. You can transfer any amount up to $100,000 per year directly to a qualified charitable organization like the Diocese of the Baton Rouge without paying income tax on the distribution. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. Your gift will also be put to use today, allowing you to see the difference you’re making. Please contact Tamika Edwards-Raby at  This email address is being protected from spambots. You need JavaScript enabled to view it.  or 225-242-0106 to discuss your benefits.

Review Your Plans

If you have questions about the impact of the SECURE Act on your retirement plans, be sure to make an appointment with your financial advisors. They can review the plans you have in place (including your beneficiary designations) and help make sure you are still on the right track.

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.

 

For additional information on the many ways you can support your Catholic Diocese, please contact the Office of Stewardship, 225-242-0108, to learn more. Discover how you and your gifts can provide healthy spiritual blessings to many for years to come.

Stewardship Today is a monthly devotional newsletter designed to assist Catholics everywhere in developing a greater understanding of the role of stewardship in everyday life.
All we are, and all we possess, are gifts from God for our use and for the blessing of others. Through wise stewardship, we invest our time, our talents and our treasures to the glory of God.

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