EPISODE #263

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LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

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REVEALED: Best Gold Backed IRA

The Secure Act 2.0 is an important piece of legislation that can have a major impact on your retirement plan. It was recently passed by Congress and is set to go into effect in 2021. The Secure Act 2.0 is designed to make it easier for Americans to save for retirement and to reduce the financial burden of retirement.

The Secure Act 2.0 includes several provisions that can help you save for retirement. One of the most significant changes is the elimination of the “stretch IRA” provision. Under the old rules, if you inherited an IRA from a deceased relative, you were allowed to stretch out the tax-deferred withdrawals over your lifetime. This allowed you to reduce your tax burden and potentially pass more money on to your heirs. The Secure Act 2.0 eliminates this provision, which means that the entire balance of the inherited IRA must be withdrawn within 10 years.

The Secure Act 2.0 also makes it easier for small businesses to offer retirement plans to their employees. The legislation includes several tax credits and other incentives to encourage small businesses to establish and maintain retirement plans. This could be beneficial for workers who may not have access to a retirement plan at their current job.

The Secure Act 2.0 also increases the age at which people must begin taking required minimum distributions (RMDs) from their retirement accounts. Previously, RMDs had to begin at age 70 ½. Under the Secure Act 2.0, the age is increased to 72. This could be beneficial for those who want to delay taking their RMDs until they are older and may need the money more.

Finally, the Secure Act 2.0 includes a provision that allows people to make a “qualified charitable distribution” (QCD) from their IRA. This allows people to make up to $100,000 in tax-free donations to qualified charities from their IRA. This could be beneficial for those who want to give back to their communities while also reducing their tax burden.

The Secure Act 2.0 is an important piece of legislation that could have a major impact on your retirement plan. Be sure to consult with a financial advisor to understand how the Secure Act 2.0 could affect your retirement plan.