The SECURE Act 2.0 has brought significant changes to retirement planning in 2023 and beyond, especially in IRA and 401(k) plans.

In this episode, Robert Curtiss shares key highlights from the SECURE Act 2.0 and how you can use the new provisions to save in taxes, contribute more effectively to your retirement accounts, and improve your overall retirement picture.

Rob discusses:

– How’s the SECURE Act 2.0 impacting required minimum distributions (RMDs)
– When you might be able to accelerate your retirement savings
– Legislative changes starting in 2024 (which you should start thinking about now)
– Major changes around 529 plans, catch-up contributions, and Roth conversions
– And more!

Resources:

The Guide You Need to Take Advantage of Your retirement planning Benefits with Kevin Manahan, ASA, EA, MSEA (Ep.13)

Connect with Robert Curtiss:

rcurtiss@seia.com
(626) 795-2944
About Robert Curtiss
LinkedIn: Robert Curtiss
Facebook: Robert Curtiss
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The Secure Act 2.0 is a piece of legislation that was recently passed by the United States Congress. This act seeks to make retirement savings more secure and accessible for all Americans. It does this by increasing the amount of money that can be saved for retirement, making it easier for small businesses to offer retirement plans, and allowing for longer-term care and 529 plans to be used for retirement savings.

The Secure Act 2.0 also seeks to make it easier for individuals to access their retirement savings. This includes allowing for penalty-free withdrawals for certain hardships, such as the birth or adoption of a child. Additionally, the act expands the availability of annuities and other income-generating investments.

One of the biggest changes that the Secure Act 2.0 brings is the implementation of a new retirement savings goal. Starting in 2023, all Americans will be required to save at least 15% of their income for retirement. This change is intended to help ensure that individuals are able to save enough money to enjoy a comfortable retirement.

The Secure Act 2.0 also seeks to make it easier for employers to offer retirement plans to their employees. This includes expanding the types of plans that can be offered, as well as providing tax credits for employers who offer retirement plans. Additionally, the act encourages employers to automatically enroll their employees in retirement savings plans, which will help to ensure that all employees are saving for retirement.

In order to prepare for the changes that the Secure Act 2.0 brings, individuals should review their current retirement savings plan and make sure that it is in line with the new requirements. Additionally, individuals should start saving more for retirement as soon as possible in order to take advantage of the new 15% savings goal. Finally, individuals should consider speaking with a financial advisor to ensure that their retirement plan is the best fit for their individual needs.

The Secure Act 2.0 is an important piece of legislation that seeks to make retirement savings more secure and accessible for all Americans. By taking the time to review and update their retirement savings plan, individuals can ensure that they are prepared for the changes that the act brings in 2023.