Discover the latest changes in retirement savings for 2023, as part of an omnibus spending bill signed by President Joe Biden.

Learn about the ability to roll over money from a 529 college savings plan into a Roth IRA, the option for employers to treat employee student loan payments as contributions to workplace retirement savings plans and the introduction of emergency savings accounts.

Stay informed and make the most out of your retirement savings with this informative video.

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In recent years, the 401(k) retirement savings plan has become increasingly popular as a way for individuals to save for retirement. With the passage of the SECURE Act in 2019, the 401(k) landscape will undergo some of its biggest changes in the coming years. Here is a look at the biggest changes for 401(k) retirement savers in 2023.

First, the age limit for making traditional IRA contributions will be raised from 70 ½ to 72. This change will allow individuals who are still working to continue to contribute to their retirement accounts, which can help them build a larger nest egg for their golden years.

Second, the required minimum distribution (RMD) age will be raised from 70 ½ to 72. This change will allow individuals to delay taking RMDs and keep their money invested for longer, potentially providing more growth opportunities.

Third, the SECURE Act will allow individuals to make penalty-free withdrawals from their retirement accounts if they have a qualifying birth or adoption. This change will provide financial relief for those who are expecting a new addition to their family.

Fourth, the SECURE Act will also allow employers to offer long-term, part-time employees access to their 401(k) plans. This change will help part-time workers save for retirement, which is often difficult for them to do.

Finally, the SECURE Act will increase the maximum age for catch-up contributions to 72. This change will allow individuals over the age of 50 to make additional contributions to their retirement accounts, helping them to save more for their retirement.

Overall, the SECURE Act will bring some of the biggest changes to the 401(k) landscape in the coming years. These changes will provide more opportunities for individuals to save for retirement, which is a critical part of financial planning.