In this episode of Adam Talks, IRA Financial’s Adam Bergman Esq. discusses SECURE 2.0, which includes numerous provisions related to retirement plans
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IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

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The SECURE Act 2.0, also known as the Setting Every Community Up for Retirement Enhancement Act, is a proposed piece of legislation that builds on the original SECURE Act passed in 2019. The new version of the law proposes significant changes to IRA and 401(k) rules that could have a big impact on retirement savings for millions of Americans.

One of the key features of the SECURE Act 2.0 is the expansion of automatic enrollment in retirement plans. Under the proposal, employers would be required to automatically enroll employees in their 401(k) plans, with the option to opt-out. This change is designed to help increase participation in retirement plans, particularly among younger workers who may not be as familiar with the benefits of saving for retirement.

Another significant change proposed by the SECURE Act 2.0 is the expansion of catch-up contributions. Currently, individuals over the age of 50 can make catch-up contributions of up to $6,500 to their 401(k) plans and $1,000 to their IRAs. The new legislation would increase the catch-up contribution limit to $10,000 for both 401(k) plans and IRAs. This change is designed to help older workers who may be behind on their retirement savings catch up more quickly.

In addition to these changes, the SECURE Act 2.0 also proposes several other updates to the retirement savings landscape. For example, the law would make it easier for small businesses to offer retirement plans by creating new tax credits and reducing administrative burdens. It would also expand access to lifetime income options, such as annuities, within retirement plans.

Perhaps the most significant change proposed by the SECURE Act 2.0, however, is the elimination of the age limit for traditional IRA contributions. Currently, individuals over the age of 70 and a half are not allowed to make contributions to traditional IRAs, although they are allowed to contribute to Roth IRAs. The new legislation would remove this age limit, allowing older Americans to continue contributing to their traditional IRAs if they choose to do so.

Overall, the SECURE Act 2.0 proposes a number of significant changes to retirement savings rules that could have far-reaching implications for millions of Americans. While the legislation is still in the proposal stage and has not yet been passed into law, it is worth understanding these potential changes and how they could impact your retirement savings strategy. As always, it is important to work with a financial advisor to make the best decisions for your individual situation.