Show Notes:
5 Key Changes to your IRA/401k as result of Secure Act 2.0 being signed into law. 1) Delayed RMD age. 2) Qualified Charitable Distribution (QCD) improvements. 3) Roth options in employer plans 4) Leftover 529 balances to a Roth IRA. 5) Missed RMD penalty reduced. Watch the video to learn more!

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The SECURE Act 2.0, also known as the Securing a Strong Retirement Act of 2021, is a proposed piece of legislation in the United States that aims to enhance retirement savings and security for individuals. It builds upon the original SECURE Act, which was signed into law in 2019.

The new bill brings about several key changes to Individual Retirement Accounts (IRAs) and 401(k) plans. These changes are designed to address the evolving retirement needs of Americans and encourage greater savings. Let’s delve into five of the most significant modifications proposed under the SECURE Act 2.0:

1. Increased age for required minimum distributions (RMDs): Under the current law, individuals are required to start taking withdrawals from their retirement accounts, such as IRAs and 401(k)s, once they reach the age of 72. The SECURE Act 2.0 seeks to raise this limit to 75, acknowledging the fact that people are living and working longer.

2. Expansion of catch-up contributions: Currently, individuals aged 50 or older can contribute additional catch-up amounts to their retirement plans. The proposed legislation aims to expand these catch-up contributions, allowing individuals to save more towards their retirement goals. This change is particularly beneficial for those who may have fallen behind in their savings due to various factors.

3. Auto-enrollment and auto-escalation features: The SECURE Act 2.0 intends to promote greater participation in retirement plans by making it easier for employers to automatically enroll their employees. It also incentivizes employees to contribute more by introducing auto-escalation features that gradually increase their contributions over time. These measures aim to combat inertia and encourage individuals to take advantage of retirement savings opportunities.

4. Student loan repayment and retirement savings: The new legislation proposes a provision that allows employers to contribute to their employees’ retirement accounts while the employees are repaying their student loans. This unique feature provides individuals with more flexibility to manage their financial priorities effectively, encouraging both retirement savings and student loan repayment.

5. Expanded access to multiple employer plans (MEPs): Under the SECURE Act 2.0, more small businesses would have the opportunity to join multiple employer plans. MEPs enable small employers to pool their resources and offer retirement benefits to their employees, reducing administrative burdens and potentially lowering costs. This provision aims to expand retirement plan coverage to more American workers.

These five key changes represent the highlights of the proposed SECURE Act 2.0. By increasing the age for required minimum distributions, expanding catch-up contributions, implementing auto-enrollment and auto-escalation features, promoting retirement savings alongside student loan repayment, and expanding access to multiple employer plans, the legislation aims to provide Americans with a stronger foundation for their retirement security.

It’s important to note that while the SECURE Act 2.0 has been introduced in Congress, it has not yet become law. Therefore, these changes are subject to potential modifications and alterations during the legislative process. Nonetheless, the proposed enhancements hold promise for a more robust and inclusive retirement savings landscape in the United States.