Financial Advisor Magazine

Ed Slott, an author and IRA and retirement plan expert, agrees that the penalties can likely be waived, especially if the taxpayer is acting in good faith.

Taxpayers with the largest IRAs (and their beneficiaries) will be in higher tax brackets in the future. Doing nothing now is a bad plan. Tax-deferred traditional IRAs will continue to grow, and so will the tax bill that eventually comes due. The SECURE Act is a giant wake-up call to do the long-term thinking that should have been done since the beginning.