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Ed Tipshus
06:43 PM ET (US)
Ken, Thank you for the SECURE LAW great summary and digest. Looks like the SECURE barrage hit close but regarding eligible beneficiaries the exclusion of surviving spouses
We were not wounded. I passed the 72 years old milestone long ago.
Will CroomPerson was signed in when posted
04:44 PM ET (US)
Thanks, Ken
Ken Stanley - 16
12:09 PM ET (US)
SECURE Act - Part 2
The Stretch IRA was a useful estate planning technique that allowed a family to extend IRA distributions over future generations—all while the IRA itself continues to grow tax free.
Previously, non-spousal beneficiaries could opt to take required minimum distributions over their life expectancy, rather than taking all the money within five years. That tax-advantaged possibility disappears with the Secure Act, which only allows one option: up to 10 years to drain the account. Formerly, as RMDs were calculated based on the beneficiary’s life expectancy, a very young beneficiary could reset to a much lower rate—greatly extending the amount of time the IRA has to grow before it’s completely drawn down. The SECURE act features a provision that largely kills the stretch by requiring that most beneficiaries completely empty the account within 10 years of the date of death, instead of being able to set a lower rate that could potentially spread the distributions out over a lifetime or more. However, there is a class of “eligible beneficiaries” that aren’t subject to this 10-year rule: surviving spouses, the chronically ill, the disabled (subject to the strict IRS requirements), minor children, but not a grandchild, (the 10-year rule will kick in for them on their reaching the age of majority) and any beneficiary not more than 10 years younger than the decedent. All of these groups are still allowed to take RMDs based on life expectancy. Most importantly, surviving spouses can still do a spousal rollover and keep taking RMDs over their lifetime. Doing so is likely to extend the tax deferral longer than leaving the funds to a younger beneficiary who now has to take full distribution over 10 years.
These new rules will only apply to IRAs inherited after the Jan. 1, 2020 effective date. Existing inherited IRAs are grandfathered in and still follow the old rules.
Congress believes that retirement accounts should be for retirement, and not employed as an estate planning vehicle for future generations. Congress is also convinced the new law will bring in a windfall of revenue. According to the Congressional Research Service, the Secure Act change is estimated to bring in $15.7 billion in tax revenue over the next decade.
Americans who turned 70.5 years old in 2019 still need to withdraw their required minimum distributions by April 1, 2020. Failure to do so results in a 50% penalty of their RMD. People who are expected to turn 70.5 years old in 2020 will not be required to withdraw RMDs until they are 72. The first withdrawal doesn’t need to be made until the following April 1. They’ll then have to take another RMD by the following Dec. 31, and every Dec. 31 thereafter.
Ken Stanley - 16
12:07 PM ET (US)
SECURE Act - Part 1 Here’s my compilation and condensation of financial reporting on the recently passed SECURE Act included in my 4th Quarter report to clients which may be of interest to many of you. Ken Stanley 16th Co.

What Congress gives, congress can take away! There has been an earthquake and the financial landscape has changed! The most significant piece of retirement legislation in a decade, the SECURE Act, was signed into law on Friday, December 20th, 2019, and many of its changes are already in effect from January 1st, 2020! The SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019) was tacked onto the Further Consolidated Appropriations Act of 2020 (FCAA), the final 2019 spending package that kept the government running.
There are some positives to the Act - a little bit of syrup to make the medicine go down!
From a policy perspective, the goal of the SECURE Act is to encourage retirement savings. Many of its provisions are aimed at making retirement accounts and plans available to a wider range of individuals. These include provisions designed to increase availability of participation in company 401(k) plans, encouragement for small employers to offer plans and a new class of so-called “Multi-Employer Plans (MEPs)”
For individuals who already have retirement accounts, the most relevant changes center around the new rules related to contributions and distributions, including distributions after you die.
The act raises the age at which retirees must begin taking RMDs (Required Minimum Distributions) from 70 to 72, which allows a couple more years of growth before RMDs have to kick in. Only those who will turn 70 in 2020 or later may wait until age 72 to begin taking required distributions.
The act repeals the age limitation for making traditional IRA contributions. Individuals working into their 70s and beyond can now continue contributing to their IRAs, even if they’re simultaneously required to begin drawing them down. You still may not make a 2019 (prior year) traditional IRA contributions if you are over 70 . In the future, whether you’re 70 or 90 , you can continue contributing to your traditional IRAs. The normal limitations apply. That means the maximum you can contribute for 2020 will be $7,000 for individuals over 50. If you are under 50, the limit for 2020 is $6,000. Contributions are also limited by the amount of your taxable compensation. This means if you are fully retired you won’t be able to contribute. But for individuals who continue to earn a paycheck, whether through full-time work or part-time jobs like consulting, the freedom to continue contributing to your IRA can offer a meaningful impact in terms of both the tax-deferred savings and the potential to deduct your contributions.
An individual over age 70 is already permitted to contribute to a Roth IRA. However, there are also income limits for eligibility to contribute to a Roth IRA. These limits remain in effect.
Other provisions of the act include allowing certain penalty-free withdrawals and offering small businesses tax incentives to set up automatic enrollment in retirement plans for its workers.

Now for the bad news. Under the new law, the so called “Stretch IRA” has become a thing of the past. The new requirements don’t apply to IRAs that have already been inherited but will apply to IRAs handed down by anyone who dies after December 31, 2019. Beneficiaries who receive an IRA as part of an inheritance after 2019 will now have only 10 years to withdraw the assets. Roth IRAs have no lifetime RMDs, but the elimination of the stretch IRA also applies to inherited Roth IRAs. While they are tax-free, they still have to be paid out in 10 years.
The Stretch IRA was a useful estate planning technique that allowed a family to extend IRA distributions over future generations—all while the IRA itself continues to grow tax free.
Les Ostrom - 19
12:41 AM ET (US)
I was taught to fly while in high school by my employer. As a result, I was itching to go into Navy Air upon graduation. But I ran into a problem - I could not pass the physical because of my eyes. As a result I ended up as a pork chopper - could have gone Navy Line but only at the inconvenience of taking a qualifying physical each year. A group of us at Navy Supply Corps School upon USNA graduation did form a flying club so a number of us fulfilled our dream - sort of. Continued my flying after retirement until I caught myself struggling in Tri-Cities Washington to hear the tower when coming in for a landing. At that point, I decided I should quit before I killed someone!
Ed Tipshus
08:40 PM ET (US)
Just remember the name of that Navy. USMC JET I rode with side by side seating: It was a F 3 D skynight ? and it was called by Marines with a nick named DRUT (Spelled backwards turd ) due to its shape.
Ed Tipshus
08:16 PM ET (US)
I find very surprising and interesting how classmates had to spend time evaluating service options and overcoming barriers. As a former enlisted Marine Corporal , it never entered my mind while at USNA what service I was going to. As a Marine 1st LT on duty at Cherry Point USMCAS I was "enticed" to go NA and also took and passed the rigid Aviation physical, an Ejection seat test, low pressure chamber test, a couple rides in an AD and a jet that had seat side by side I used an oxygen mask & helmet, (but i cannot remember what i t was called maybe a torpedo plane it was fat looking and maybe had 2 jets under neath). my thought about flying was flying an N3N and that to be a great pilot you needed to want only to be a pilot since you were a kid. and that was not me. I had the bad habit of forgetting to release the parking (emergency ) brake on my car. That disqualify me for to be a pilot.
Bill Crawford, (14)
03:33 PM ET (US)
More bragging.
My granddaughter Elise currently ranks #1 in the state in the 100 meter hurdles.
Charlie Shelton
02:07 PM ET (US)
When I failed the Navy eye test for aviation I asked for the Civil Engineering Corps but was told I'd have to go to sea for a yea r and then apply which I was unable to do. A dumb policy that one. After my first year of AF duty with the Joint Construction
 Agency at Bordeoux France I signed up to volunteer with the Navy doing base construction in Spain. As my tour was ending I was asked to consider doing an inter service transfer back to the Navy. My response was that when I wanted to serve with the Navy as a Civil Engineer their policy made it impossible and I was there with them only thanks to the Air Force. No regrets!
Al Casey 16 Co
02:49 PM ET (US)
I was planning to go into submarines. Wrote my term paper on the defective torpedo arming and fusing during WWII, and spent several days at New London for classes and dives near the end of pur last summer leave. My eye test disqualified me, I selected Air Force Nav, but grad physical knocked me out of that so I went A F Ground. I took the eye exam at every base I could and got into Nav program in 1956. I spent 4 years in the B-47 and never took my glasses out of my flight suit pocket. The sextant optics corrected for focus and the radar looked out to 70 miles and the nav position had no window.
Charlie Shelton
02:48 PM ET (US)
My effort to check our a possible tour of submarine duty was not a winner. I had signed up duty 2nd class summer for two weeks at the Charleston, S.C. Naval Base during summer leave. When I showed up I was told the sub was in port for mechanical servicing and therefore was not getting underway which was what I had signed up for. It reminded me of a previous case of bad luck when I had gone up to Fort Bragg to take the West Point exam as a 2nd alternate and came down with the flu and did poorly .The primary and 1st alternate also failed to pass the test which meant had I done better I would have gone to "Woopoo". Instead I got the appointment to Navy! I later learned to sip a Singapore Sling with Archie Beckman at the Officers Club there at the Naval Base in Charleston which I hope Will Croom has given a try!
Will CroomPerson was signed in when posted
05:43 AM ET (US)
Second Class Summer I went to Key West and spent a week riding submarines. I decided it was Pensacola for me.
Bill Crawford, (14)
09:53 PM ET (US)
The only submarine ride I ever had was on the Nautilus, when the first skipper was still in command.
Nautilus happened to be operating with our task group, when, by the luck of the draw I was picked to go done with them for a ride, after a transfer over by a helicopter.
Jay R Smith Jr
05:11 PM ET (US)
The only submarine ride I ever had was in 1968 in Guam. It was aboard the USS Tecumseh. We launched a practice torpedo that I was allowed to see go out the tube. The Captain and Lt who was running the exercise lost track of the torpedo which found its way coming toward us on the starboard side. Before the skipper could dive to avoid it, it punctured a hole in one of our ballast tanks. The only time I got to ride in a submarine we torpedoed our self. The dummy warhead broke off and sank. The body was almost recovered by the torpedo retriever but they failed and it also sank. Our Weapons Officer told me they had just implemented a new quality assurance program. I had vacated the control room and went to the wardroom where I found a book about submarines open to the story of the USS Tang. On Wednesday, January 15, 2020, 9:53:09 PM MST, QuickTopic daily digest <qtopic-50-fwcx9rsydfqus@quicktopic.com> wrote:
Ed tipshus
02:46 PM ET (US)
Tecumseh was a tougher God (of 2.5) when we were there
I recall in the 2nd CO class of 54; Bill Thurman was kidded about having Tecumseh's sizeable nose.
Will CroomPerson was signed in when posted
12:32 PM ET (US)

The figurehead called "Tecumseh" has, for many years, played a prominent part in the traditions of the United States Naval Academy at Annapolis, MD. The original wooden image was sent to the Naval Academy in 1866 after being salvaged from the wreck of the old ship of the line "Delaware," which had been sunk at Norfolk during the Civil War to prevent her from falling into Confederate hands. The builders of the "Delaware" intended the figurehead to portray Tamanend, the great chief of the Delawares, a lover of peace and friend of William Penn. But to the midshipmen of the period, there was nothing in the name of Tamanend to strike the imagination. The effigy was also known by various other names -- Powhatan, King Phillip, and finally Tecumseh -- a great warrior and thus heroic and appropriate to the midshipmen.

For 40 years, the wooden figurehead kept its stern vigil in the Yard at Annapolis until the winds, sun and rain began to take their toll. In 1906 a face-lift with the aid of cement, putty and paint temporarily removed the signs of age. When the ravages of the weather again threatened, the Class of 1891 raised a fund to immortalize the old fellow in bronze. The delicate task was accomplished at the U.S. Naval Gun Factory.

To ensure that the bronze figure would lose none of the potent power with which the midshipmen had endowed the old figurehead, the wooden "brains" and "heart" of the ancient Indian were transferred to the bronze statue.

In the spring of 1930, the statue, mounted on a pedestal of Vermont marble adorned with the Naval Academy seal, was erected on its present site from which the grim old warrior gazes eternally toward the main entrance of Bancroft Hall, the midshipman dormitory.

Tecumseh has become not only the "God of 2.0" -- the passing grade point average at the academy -- but also the idol to whom loyal midshipmen give prayers and sacrificial offerings of pennies. Midshipmen offer a left-handed salute in tribute to Tecumseh, and they toss pennies his way for good luck in exams and athletic contests.

Each year, Tecumseh is decked out in a coat of "war paint" for Parents' Weekend in August, Homecoming in the fall, before Army-Navy contests and for Commissioning Week.
Lach Macleay 5
11:01 PM ET (US)
After reading your treatise on Tecumseh, I fail to see why he was revered enough to put his Bust on the USNA campus for Mids to throw pennies at for good luck. Seems to me he was anti American (if that was a proper term in that time) and fought us at every turn.
Ed Tipshus
03:53 PM ET (US)

 Shawnee military and political leader Tecumseh, ca. 1800-1813. He worked with his brother Tenskwatawa, known as 'The Prophet,' to unite American Indian tribes in the Northwest Territory to defend themselves against white settlers.
Tecumseh was born in 1768 near Chillicothe, Ohio. His father, Puckshinwau was a minor Shawnee war chief. His mother Methotaske was also Shawnee. Tecumseh came of age during the height of the French and Indian War and in 1774 his father was killed at the Battle of Point Pleasant during Lord Dunmore’s War. This had a lasting effect on Tecumseh and he vowed to become a warrior like his father. As a teenager he joined the American Indian Confederacy under the leadership of Mohawk Chief Joseph Brant. Brant encouraged tribes to share ownership of their territory and pool their resources and manpower to defend that territory against encroaching settlers. Tecumseh led a group of raiders in these efforts, attacking American boats trying to make their way down the Ohio River. These raids were extremely successful, nearly cutting off river access to the territory for a time. In 1791 he further proved himself at the Battle of the Wabash as one of the warriors who defeated General Arthur St. Clair and his army. Tecumseh fought under Blue Jacket and Little Turtle and the American Indian Confederacy was victorious slaying 952 of the 1,000 American soldiers in St. Clair’s army. St. Clair was forced to resign. In 1794 Tecumseh also fought in the Battle of Fallen Timbers. This decisive conflict against General Anthony Wayne and his American forces ended in a brutal defeat for the American Indian Confederacy. A small contingency of about 250 stayed with Tecumseh after the battle, following him eventually to what would become Prophetstown and a new pan-Indian alliance.

Tecumseh’s brother Tenskwatawa joined him at Prophetstown, also known as Tippecanoe in Indiana Territory and in 1808 the two men began recruiting a large multi-tribal community of followers under a message of resistance to settlers, the American government, and assimilation. Tecumseh traveled north to Canada and south to Alabama in an effort to recruit men to his cause. Meanwhile, William Henry Harrison, governor of Indiana Territory was negotiating treaties and utilizing American forces to put pressure on those tribes still in Indiana and especially those allied with Prophetstown. In 1809 Harrison, signed the Treaty of Fort Wayne which allotted him a massive amount of American Indian territory thus increasing Tecumseh’s efforts and amplifying his message. Tecumseh was away from Prophetstown on a recruitment journey when Harrison launched a sneak attack now known as the Battle of Tippecanoe. The American forces cleared the encampment and then burned it to the ground. It was a severe blow to the confederacy and a harbinger of war to come.

On June 1, 1812 under the advisement of President Madison, Congress declared war on Great Britain. In the Northwest Territory, American Indian tribes found themselves pulled in two separate directions – side with the British or with the Americans. Tecumseh and his confederacy sided with the British. He and his men were assigned to overtake the city of Detroit with Major General Isaac Brock. The siege of Detroit was a success due in no small part to Tecumseh’s military strategy. He continued to support British efforts under Major-General Procter at the Siege of Fort Meigs. The siege failed and morale waned as a result.

In the fall of 1813 as conditions around Detroit worsened, Procter began a retreat east toward Niagara. Tecumseh requested arms so that his men could stay in the Northwest Territory and continue to defend their lands. Procter agreed to make a stand at the forks of the Thames River. However, when forces reached the site communication broke down and some men deserted while others continued east. When the Americans attacked, large sections of forces broke leaving about 500 hundred American Indians to hold back 3,000 Americans. Tecumseh was fatally wounded in the battle. It is unknown who killed him or what happened to his remains. His death began a rapid decline in American Indian resistance and the War of 1812 is marked as the beginning of removal in the upper Midwest.
Ed Tipshus
04:37 PM ET (US)
From a friend :
Time is like a river. You cannot touch the water twice, because the flow that has passed will never pass again. Enjoy every moment of life.
 As a bagpiper, I play many gigs. Recently I was asked by a funeral director to play at a graveside service for a homeless man. He had no family or friends, so the service was to be at a paupers cemetery in the Nova Scotia back country.
As I was not familiar with the backwoods, I got lost and, being a typical man, I didn't stop for directions.
I finally arrived an hour late and saw the funeral guy had evidently gone and the hearse was nowhere in sight. There were only the diggers and crew left and they were eating lunch. I felt badly and apologized to the men
for being late.
I went to the side of the grave and looked down and the vault lid was already in place. I didn't know what else to do, so I started to play.
The workers put down their lunches and began to gather around. I played out my heart and soul for this man with no family and friends. I played like I've never played before for this homeless man.
And as I played "Amazing Grace", the workers began to weep. They wept, I wept, we all wept together. When I finished, I packed up my bagpipes and started for my car. Though my head was hung low, my heart was full.
As I opened the door to my car, I heard one of the workers say, " I never seen nothing like that before and I've been putting in septic tanks for twenty years."
Edited 01-14-2020 04:39 PM
John Wells (23)
08:49 AM ET (US)
In my day Indiana's driving license age was 16. By the time I could apply I'd been picked up by the police for driving without a license several times, so when I applied, they told me they knew I could drive so I didn't have to take a test.
Edited 01-13-2020 08:50 AM
Al Casey 16 Co
11:52 AM ET (US)
That is a classic story - and one only understandable by a member of Navy "54
Les Ostrom - 19
05:20 PM ET (US)
I may have shared this note before, but it is still worth a laugh:

During our first-class summer cruise, one of the phases in which we participated as part of our training was the Navigation Phase. As part of our training during this phase, we had to shoot and plot stars to establish a fix on our location. Upon the appointed hour, a youngster would awaken first class midshipmen within that training phase so that they could conduct the afore-mentioned star-shootings. On one morning, I was already awake whereby I was able to hear the youngsters going about their appointed rounds. One of my classmates, upon being awakened, rolled over and inquired, “Is Pasztalaniec up yet?” The youngster, obviously having been properly indoctrinated by Academy life, replied, “I’ll find out, Sir!”. Minutes later, the youngster returned with the announcement, “Sir, a lot of stars are up, but I was unable to find out which one is Pasztalaniec!”
Bill Crawford, (14)
09:58 PM ET (US)
This is sort of a driver's license story.
When I was 14, my grandmother wanted me to drive her to Memphis (about a four hour drive from our town) to visit her son, who was in the hospital there.
Since I didn't have a driver's license, she called up the Chief of Police and told him to issue me a driver's license.
(She was sort of a domineering-type person).
He told her very politely that he couldn't do that, but added that I should just drive very carefully.
Fortunately, we made it there and back safely.
Al Casey 16 Co
06:35 PM ET (US)
My driver's license story: In 1945 my brothers were off to the war so I visited the Carbondale (PA) office and filled out the application. I was 13 but claimed I was 16, and after a road test, I was given a license. It said I was 5'4" and 120 lbs. I was able to renew it annually until 1950 when we were sworn in. In 1946 I drove my mother to Texas where my brother's wife had a new baby.
At that time PA law provided that anyone on active duty did not have to renew their driver's license until discharge. As a result I had that same license until after graduation when I reapplied (in PA) with my correct age.
Will CroomPerson was signed in when posted
05:17 PM ET (US)
It's Friday night and I'm having my Manhattan. Looks like I'll be celebrating by myself tonight. My exercise group and my son's family are both down with the flu. Shots didn't seem to do much good this year for some people. I remember on one of my deployment we go three flu shots. One shot in the states, a different shot in Hawaii, and another shot before we went ashore in Japan. They were all with the air guns the Navy was using at the time.

Hope you all have avoided the flu and are able to celebrate the end of another week.

Don't let the old man in.
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