Retirement plans are sure to need a few changes due to the SECURE ACT 2.0 updates that passed in December of 2022. New required minimum distributions, lower penalties, more ways to save for retirement, and more mark this over 4000-page law. There are over 100 changes that will need to be implemented over the next several years. In this video, I cover 10 key changes that stand out!

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🔑 Key Topics :
0:00 – Intro
0:52 – RMD Pushed Out
2:51 – Reduced Penalties for Missing RMD
3:31 – Ways Around 10% Penalty
5:25 – No RMD on Roth 401Ks
5:58 – New SEP Roth IRA & Simple Roth IRA
6:49 – 529 to Roth IRA
8:54 – Employer Match Can Be Roth Election
9:39 – High Earner Catch-Up Must Be Roth Election
10:37 – Increased Catch-Up Contributions
11:57 – New Inherited Account Election for Spouses
13:41 – Outro

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The Secure Act 2.0, which is expected to be signed into law in early 2021, is a major piece of legislation that will make significant changes to the way retirement plans are operated and managed. It is the latest in a series of attempts to make retirement more accessible and secure for Americans. Here are 10 key changes to retirement plans that are expected to take effect in 2023 as a result of the Secure Act 2.0:

1. Required Minimum Distribution (RMD) Age Increase: The new law increases the age at which individuals must start taking required minimum distributions (RMDs) from their retirement accounts from 70 ½ to 72. This change will allow individuals to keep their money in their retirement accounts for a longer period of time and potentially benefit from the growth of their investments.

2. Stretch IRAs Eliminated: The Secure Act 2.0 eliminates the ability of non-spouse beneficiaries to “stretch” their inherited retirement accounts over their lifetimes. Instead, non-spouse beneficiaries will be required to withdraw the entire balance of the inherited retirement account within 10 years of the original account holder’s death.

3. Penalty-Free Early Withdrawals for Birth or Adoption: The new law allows individuals to make penalty-free withdrawals of up to $5,000 from their retirement accounts for qualified birth and adoption expenses. The withdrawals must be made within one year of the birth or adoption.

4. Long-Term Part-Time Employees Eligible for Retirement Plans: The Secure Act 2.0 requires employers to allow long-term part-time employees to participate in their retirement plans. To qualify, employees must have worked at least 500 hours per year for three consecutive years.

5. Tax Credit for Retirement Plan Start-Ups: The new law provides a tax credit of up to $500 to employers that start a new retirement plan or add automatic enrollment features to an existing plan.

6. Annuity Options in Retirement Plans: The Secure Act 2.0 requires employers to offer annuity options in their retirement plans. Annuities provide a steady stream of income in retirement and can help individuals manage the risk of outliving their retirement savings.

7. Tax Credit for Retirement Plan Contributions: The new law provides a tax credit of up to $500 to individuals who make contributions to their retirement plans. The credit is available to individuals with incomes up to $66,000 and couples with incomes up to $125,000.

8. Pooled Employer Plans: The Secure Act 2.0 creates a new type of retirement plan called a Pooled Employer Plan (PEP). PEPs allow small businesses to band together to offer a retirement plan to their employees.

9. Tax Credit for Retirement Plan Advisors: The new law provides a tax credit of up to $500 to advisors who provide retirement plan advice to small employers.

10. Tax Credit for Retirement Plan Administration: The Secure Act 2.0 provides a tax credit of up to $500 to employers who use third-party administrators to manage their retirement plans.

The Secure Act 2.0 is expected to make retirement more secure and accessible for Americans. These 10 changes are just the beginning of the changes that are expected to take effect in 2023. It is important for individuals and employers to stay informed of the changes and how they may affect their retirement plans.