SECURE Act status: What you need to know in 2020

A couple of retirement plan participants talking about the SECURE Act status and how it will affect them in 2020.

As a provider of retirement and income solutions, Principal® is focused on helping support people as they save for and live within retirement. New legislation is creating quite a buzz around this subject, and we’re excited about how the provisions within the SECURE Act will benefit individuals and employers alike.

Dan Houston, Chairman, President and CEO, recently shared his thoughts on the good news:

The recent signing of Setting Every Community Up for Retirement Enhancement (SECURE) Act represents an important step forward in helping more Americans to save enough and have enough in retirement. As people prepare to potentially spend as many years in retirement as they did in the workforce, this legislation gives more solutions to help develop a sustainable lifetime income stream and more access to 401(k) plans for workers supporting America’s small to medium sized businesses.

We have seen the power of workplace retirement plans in helping Americans save for their future. And we have the research that shows retirees who have guaranteed income solutions feel more confident in their future and feel better about their spending and ability to leave a legacy for their loved ones.

As a global retirement services company, it is up to us to create those solutions that enable people to take action to achieve the quality of life they desire in those added years."

Daniel J. Houston, the chairman, president and chief executive officer of Principal Financial Group

Dan Houston

Chairman, President and CEO

New technology and advances in medicine and health care are enabling Americans to live longer than ever. As a global retirement services company, it is up to us to create those solutions that enable people to take action to achieve the quality of life they desire in those added years. I applaud Congress and the President for recognizing the need to continue to modernize America's retirement system to help meet the demands of the future, and for passing the SECURE Act. We look forward to helping more people have enough, save enough, and protect enough in retirement.

What to do next?

  • Want to talk to someone about how the SECURE Act may affect you? Find an advisor near you to discuss a plan.
  • Have a retirement account from your employer with service through Principal? Log in to principal.com to see if your mix of investments is on point. First time logging in? Get started.
  • Opening an Individual Retirement Account is an ongoing way to save for retirement on your own. Learn more about an IRA with Principal.