Les Stewart and Ryan Edwards share 10 key provisions concerning Secure Act 2.0. These ten include company tax credits for companies and business owners, RMDs (Required Minimum Distributions) increased to age 73, catchup contributions increases, retirement plan corrections, student loan payments and employer matches, required auto enrolments, Roth contributions to Simple IRA and SEPs, emergency savings accounts in 401ks, ROTH 401k Match, Rollover 529 to Roth IRA’s. Learn the details and if this changes your opportunities….(read more)

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The Secure Act 2.0 is the latest in retirement reform legislation and it’s important to understand the provisions included in this bill. Southeast Retirement Planners Podcast has put together a list of the top 10 most important provisions of the Secure Act 2.0 to help you understand how it impacts your retirement planning.

1. Increase in Retirement Plan Contributions – The Secure Act 2.0 increases the amount you can contribute to retirement plans. This includes increasing the maximum annual contribution to 401(k)s from $19,500 to $26,000 and increasing the catch-up contributions for those age 50 and over from $6,500 to $7,500.

2. Required Minimum Distributions – The Secure Act 2.0 eliminates the required minimum distributions (RMDs) for those age 72 and over. This means that you can now wait until age 75 to start taking distributions from your retirement accounts.

3. Penalty-Free Withdrawals – The Secure Act 2.0 allows penalty-free withdrawals of up to $5,000 for certain expenses related to the birth or adoption of a child. This includes expenses related to fertility treatments and adoption fees.

4. Tax Credit for Retirement Plan Contributions – The Secure Act 2.0 provides a tax credit of up to $500 for contributions to retirement plans. This credit is available to those with incomes of up to $66,000 for individuals and $132,000 for married couples.

5. Long-Term Care Insurance Deduction – The Secure Act 2.0 allows you to deduct up to $4,000 for long-term care insurance premiums. This deduction is available to those with incomes of up to $66,000 for individuals and $132,000 for married couples.

6. Annuity Options in 401(k)s – The Secure Act 2.0 allows employers to offer annuity options in their 401(k) plans. This allows employees to have more options when it comes to investing their retirement savings.

7. Tax-Free Withdrawals for Birth or Adoption – The Secure Act 2.0 allows you to take up to $10,000 from your retirement accounts tax-free for the birth or adoption of a child. This can be used to pay for medical expenses, childcare costs, or other related expenses.

8. Expansion of 529 Plans – The Secure Act 2.0 expands the use of 529 plans to include apprenticeship programs and certain student loan payments. This allows you to use your 529 plan for more than just college expenses.

9. Penalty-Free Withdrawals for Coronavirus-Related Expenses – The Secure Act 2.0 allows you to take up to $100,000 from your retirement accounts penalty-free for coronavirus-related expenses. This includes medical expenses, childcare costs, or other related expenses.

10. Expansion of IRA Rollovers – The Secure Act 2.0 allows you to rollover up to $300,000 from your IRA to a qualified charity. This can be used to make a charitable contribution or to pay for medical expenses.

These are just some of the provisions included in the Secure Act 2.0. For more information, be sure to check out the Southeast Retirement Planners Podcast. They have an episode dedicated to discussing the Secure Act 2.0 and all the provisions included in it.