SECURE Act 2.0 Changes are here!
Here are 7 important changes and how they may impact your retirement.
Timestamps:
0:00 – Introduction
1:00 – Required Minimum Distributions
3:26 – Roth Accounts
4:30 – 529 College Savings Plan Changes
6:30 – Roth IRAs
8:14 – Electing Spousal Changes
10:24 – IRA Contributions
11:30 – Employer Contribution Changes (Roth)!
12:55 – Catch-Up Contribution Changes
14:52 – Penalty Changes
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Government wants thier taxes right now.
I have monkeyed around with a lot of different kinds of retirement accounts. The complexity and number of changes over time is mind-numbing. Simplicity is important in retirement planning. After our death those who inherit accounts with restrictions often will not understand all the tax implications and might not harvest all the benefits anyway. So I say to plan rationally and use the tools we are given. But keep it simple to keep track of and simple to transfer on our deaths. And always remember the government will complicate your life if you let them do it.
Wonderful video James. One thing you mentioned is the 529, I would like to open an account for my granddaughter but not in a 529 format what can you suggest? Thanks
HOW DO WE OPT OUT??????????????
As someone poor lets be real we will work until we die which will be before retirement age for a lot of us! How do we opt out of secure 2.0??? Just another way for the richers to rob the poor!!!
Tons of complex changes. Most of which are targeted at high earners. The biggest change in this "2.0" legislation is that advisors are no longer required to act as fiduciaries, meaning they are free to do what is in THEIR best financial interest, not yours! The original Secure Act made that the emphasis and now this administration has removed that requirement. So much for protecting the little guy.
Very very good information.
Thanks for the great information
Isn't there an intermediate step in 2029 to age 74, for RMD? Or was that taken out of the final version of the bill?
Secure Act Sucks!! 60 is too old. This give power to the Social Security Administration who was never meant yo have life long control of our Social Security Trust Account. This is criminal.
RMDs and penalties yuk, nice to think of living to and past this age but to still have the gov trying to steal our $, do these criminals work for us?
It would be helpful to note the exact dates for both 1.0 and 2.0. When in 2020 did it change from 71.5 to 72?
Life has taught me an important lesson. People like to tell you taxes will be less when you are older. Funny, seems taxes go higher every year. Just an observation.
Secure act… More like taxation perpetuation act.
Are you CFA / CFP or similar? Great info, thank you.
Wow. What great legalized theft.
Question: How and where do you indicate RMD withdraws?
Well in order to build the bottom level of the pyramid scam that the stock market has become they must make it more enticing for contributions to increase.
It's a crying shame that Washington representatives cheat social security recipients while showing favoritism to billionaires with tax break after tax break. They "borrow" money from social security. Representatives need to PAY BACK what they "borrowed" . Seniors shouldn't be forced to eat cat food just so "Jonnie Rich" can buy another mansion.
OMG I just watched a video that meant absolutely nothing to me, I live in a different country. I was impressed by how it was presented, pace, articulation, gestures how it came across as very genuine. Good work taking on board a subject that means so much to so many and I'm assuming those planning for retirement in the USA. You seem like a decent character keep it up, I will check out a couple of your other videos, all the best for 2023.
Good explanation on the 529/Roth conversion.
This was extremely informative…..thank you!!!
Work the majority of your life, try to be responsible with what you earn. All the while the federal government keeps changing the rules. This shit is ridiculous. We are not free. What a joke.
You forgot to mention one very important change in the secure act. After ten years, if your beneficiary does not withdraw all the funds in your IRA or your Roth, the government will take all the remaining funds and your beneficiary looses out.
This is proof politicians (lawyers) are clueless regarding financial planning. This is all about mitigating the mistake of deferred tax programs (Eg 401k).
Thanks James! Curious how Secure Act 2.0 effects potential inheritance?
While the RMD age change sounds good on the surface, I still have not seen the new RMD annual factor matrix. Curious if they will be ramping the RMD increases quicker than in the past (since IRS now also has less time to collect). Meaning we have more time until we start drawing RMD, but we may be paying for it on the back end with higher withdrawal requirements.
The "Secure Act" will do exactly the opposite of what lying POS commie/fascist Democrat America haters say it will do. Democrats are so dumb they dont know that the Patriot Act we live under today was signed by 0bama in 2015.
Wow, sounds like theses changes might impact a couple of dozen people.
You mentioned about the $35,000 lifetime limit for 529 transfers to a Roth IRA for the designee. Could a strategy be that you then transfer the designee to another person like another kid, spouse, etc. and then get a fresh $35,000? Seems like a loophole
Great Video, clearly explained!! Thank you.