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“You could take little crumbs out, and let it grow tax-deferred over decades,” said Ed Slott, a certified public accountant and I.R.A.expert in Rockville Centre, N.Y

IRAhelp.com's Ed Slott joins our hosts Sandy Block and Ryan Ermey to explain how the SECURE Act could be impacting your retirement plans.

Congress passed important retirement legislation just before the holidays that has sent financial planners and tax professionals scrambling, because the law's impact on people with significant retirement savings is nearly immediate.

"The law simply says you must take out the money after 10 years," notes Slott."Your heirs could simply leave the Roth alone for 10 years and let the assets grow tax-free--and then take a lump sum

"Enjoy your money," Slott said."Otherwise, the government is going to enjoy it more than you."

“That child is getting that money at a point in time when he or she is probably in their highest earning years,” says Ed Slott, founder of IRAHelp.com, based in Rockville Centre, New York.

The SECURE Act is the law for 2020 and beyond.Advisers are already scurrying to explain the retirement rule changes to clients, especially those with large IRAs who had planned on a stretch IRA for their heirs

The new starting age is 72 for required minimum distributions (RMDs)."The half year part was baffling to a lot of people," said IRA expert Ed Slott, founder of IRAHelp.com

“The fact that they put all this in there doesn’t mean it will have a major impact,” said Ed Slott, founder of IRAhelp.com.“There’s a lot of trimming around the edges.” 

People who have saved $1 million or more in an IRA and plan to pass it on to someone other than their spouses should consider doing Roth conversions, said Ed Slott, president of Ed Slott & Co., which specializes in IRA education and training.