Secure Act 2.0 summary for individuals and small business owners.

0:00 intro
0:34 Section 101. Expanding automatic enrollment in retirement plans
1:20 Section 102. Modification of credit for small employer pension plan startup costs
2:12 Section 103. Saver’s Match, a better Saver’s Credit
3:17 Section 106. Multiple Employer 403(b) plans aka MEPs
3:54 Section 107. Increased Age for Required Minimum Distributions
4:41 Section 108. Indexing IRA catch-up limits
5:02 Section 109. Higher catch-up limits for ages 60-63
5:47 Section 110. Student loan payments and workplace retirement plans
6:17 Section 113. Bribes for employees
6:54 Section 115. Emergency withdrawals and retirement plans
7:32 Section 116. Extra nonelective contributions to SIMPLE IRA
8:05 Section 117. SIMPLE IRA increased contribution limits
8:32 Section 118. SEP IRA for nannies
9:01 Section 121. Starter 401k plans
10:04 Section 125. Retirement plan eligibility for part-time workers
10:23 Section 126. 529 plans to Roth IRA
11:59 Section 127. Emergency funds and retirement plans
13:04 Section 302. Lower RMD tax on missed distributions
14:03 Section 303. retirement account lost and found
14:25 Section 313. IRA excess contribution and RMD
15:58 Section 314. Domestic Abuse withdrawals
16:18 SEction 315. Reform of family attribution rules for retirement plans
17:31 Section 316. Retirement plan amendments after the taxable year
17:55 Section 317. Retroactive first-year elective deferrals for sole proprietors
18:47 Section 322. IRA prohibited transactions
20:02 Section 323. Substantially equal periodic payments
20:41 Section 325. Roth 401k and RMD
21:31 Section 327. Surviving spouse RMD
22:15 Section 332. Replace SIMPLE Plan mid-year
22:54 Section 333. Excess contribution additional 10% tax waived
23:48 Section 601. Roth SEP IRA and Roth SIMPLE IRA
24:12 Section 603. Roth Catch-up contributions for $145,000 income plus
24:42 Section 604. Employer matching to Roth retirement plan

/////////////////////////////////////////////////
Get answers FASTER…
Join this channel to get access to perks:

Chat on discord:
Join Link

Support on Patreon:

Get IRS FORM W4 TAX WITHHOLDING HELP HERE STARTING AT $39. bit.ly/3FJ6w8U
—————————————————–
Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE

Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

Company Website:
twitter: @travissickle
Instagram:
facebook:
LinkedIn:

Sickle Hunter Financial Advisors
1646 W Snow Ave.
Suite 144
Tampa, FL 33606
——————————————————-

Gear Used in Videos

Partnership referral links
Solo 401k plan Documents
Aura Identity Theft Protection *Up to 50% off* HTTPS://www.aura.com/travis
Bitcoin IRA

All Amazon links are affiliate links
____________________________________________________________________________
Information in this video is for educational and entertainment purposes only.
sicklehunter.com/disclosures
____________________________________________________________________________

#travissickle…(read more)

LEARN MORE ABOUT: Qualified Retirement Plans

REVEALED: How To Invest During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

Secure Act 2.0: Tax and Retirement Plan Changes for 2023 and Beyond

In a move aimed at strengthening Americans’ retirement security, the U.S. Congress recently introduced the Secure Act 2.0, a proposed legislation that brings about significant tax and retirement plan changes starting from 2023 and beyond. This promising development seeks to build upon the success of the original Secure Act, which was enacted in 2019. Here are some key highlights of the Secure Act 2.0.

Increased Access to Retirement Savings
One of the critical provisions of Secure Act 2.0 is the expansion of access to retirement savings plans. The current age limit for contributions to traditional IRAs is 70 ½, but the new legislation proposes to eliminate the age limit entirely, allowing individuals to continue contributing to these accounts as long as they are working. This change recognizes the evolving nature of the American workforce, where people are working beyond the traditional retirement age.

Auto Enrollment and Escalation
To encourage Americans to save more for retirement, Secure Act 2.0 promotes auto enrollment and escalation features within employer-sponsored retirement plans. Under this provision, employers would be required to automatically enroll eligible employees into the company’s retirement plan, with the option to opt-out if they so choose. Additionally, the proposed legislation suggests gradually increasing the automatic contribution rate each year, incentivizing employees to save more for their future.

Small Business Retirement Plans
Secure Act 2.0 also aims to make it easier for small businesses to offer retirement plans to their employees. It proposes the establishment of a new tax credit, making it more affordable and attractive for small business owners to set up and maintain retirement plans. This change recognizes the importance of retirement savings options for all workers, regardless of the size of their employer.

Lifetime Income Options within Retirement Plans
Many Americans worry about outliving their retirement savings. Secure Act 2.0 addresses this concern by encouraging employers to include lifetime income options within their retirement plans. Such options, also known as annuities, can provide retirees with a predictable, steady stream of income throughout their retirement years. By promoting the inclusion of annuities, this legislation aims to protect retirees from the financial uncertainties that come with longer lifespans.

Tax Changes Impacting Retirement Plans
In addition to the retirement plan provisions, Secure Act 2.0 introduces some tax changes that will impact retirement savings. The proposal suggests increasing the catch-up contributions limit for individuals aged 60 and above, allowing them to save more effectively as they near retirement. It also proposes increasing the tax credit for small business employers who start a new retirement plan for their employees.

While Secure Act 2.0 brings positive change to retirement planning, it is important to approach these modifications critically and seek professional advice to understand their implications fully. As the legislation progresses through Congress, it may undergo amendments and modifications. Therefore, staying informed through reliable sources and engaging with financial advisors will be crucial to maximizing the benefits that Secure Act 2.0 offers.

In conclusion, Secure Act 2.0 presents promising tax and retirement plan changes for Americans from 2023 onwards. With increased access to retirement savings, auto enrollment features, support for small businesses, and promotion of lifetime income options, Americans have a better chance of securing their retirement future. This legislation showcases Congress’ commitment to the retirement well-being of its citizens, addressing the evolving needs of the workforce and ensuring a more secure financial future for all.