The SECURE Act 2.0 contains dozens of changes that will impact our retirement planning. Here are 4 major changes from the SECURE Act 2.0.
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Timestamps
0:00 – SECURE Act 2.0
0:45 – RMD age changes… again
2:26 – Roth IRA transfers from 529 plans
4:00 – Catch-up contribution changes
5:36 – Changes for Roth accounts
6:37 – Other changes of note
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— About Patrick King CFP® —
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.
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Not sure where you are getting the RMD age change being based on the year you were born. Section 107 doesn't mention RMD by year of birth. SECURE Act 2019 raised RMD age from 70.5 to 72, so if you were taking RMD you keep taking RMD. However, SECURE Act 2.0 raises RMD to 73yo Jan 1, 2023, then 75yo starting Jan 1, 2033.
confused by your statement that no RMD from Roth 401k because no RMD from Roth IRA that weren't inherited, so the change made sense. I think the weren't inherited made that overly confusing. No RMD now on Roth 401k, which is because you didn't have to take RMD on Roth IRA, so it didn't makes sense since you could just rollover Roth 401k into Roth IRA to avoid RMD. Note that the no RMD for Roth 401k does not begin until Jan 1, 2024. Also note that this is for pre-death distributions, which I suppose is what you meant by weren't inherited. New rule allows your suriving spouse to treat the inherited Roth 401k as the employee and not have to take RMD on the inherited Roth 401k, again starting Jan 1, 2024. However, non-surviving spouse beneficiaries would have to follow pre-SECURE Act 2.0 rules for inheriting Roth 401k.
It's unfortunate that the 529 rollover to Roth IRA is limited by annual contribution limits. That means you can't contribute max to Roth IRA and rollover 529.
Great info! I had not heard of the 529 to Roth conversion.
Thank you for your great content! I look forward to your informative and creative videos. Outstanding!