GIVE YOUR IRA A SECOND WIND

Effective January 2020, Congress made a bunch of changes to the rules governing retirement accounts. For one, if you have earned income, you can now contribute to an Individual Retirement Account no matter your age (the old cutoff was 70½). That’s great if you continue to work part-time after you “retire.” Another boon to Boomers: The age for taking mandatory retirement-account payouts was pushed from 70½ to 72. One new gotcha: Leave your Individual Retirement Accounts to non-spouse heirs, and in most cases they must withdraw the money within 10 years.