POWERPOINT LINK BELOW: What does the SECURE 2.0 Act of 2022 mean for employers and employees? Find answers to trending questions and answers about the Secure 2.0 Act of 2022, including required minimum distributions (RMDs), Roth catch-up contributions and more for provisions impacting retirement plans in 2023 and early 2024.

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Other related topics from JJ the CPA: Other topics covered in other videos on this channel. LLC. What is LLC? LLC vs S Corp. How to Start a Business. How to Set Up LLC. Limited Liability Company (LLC). How LLC Taxed. Related: LLC vs Corporation. LLC vs. Partnership. LLC vs Sole Proprietorship. LLC is Legal Designation Only. LLC Taxed as Anything. LLC vs Inc. LLC vs LLP. LLC vs DBA. What is LLC Mean? What is LLC Stand For? What is LLC Business? How to Create LLC. Should LLC Be Taxed as S Corp. Should LLC Be Taxed as Partnership. Should LLC Be Taxed as Sole Proprietor. Should LLC Be Taxed as Corporation. Related: What is LLC Operating Agreement? Should LLC be in Logo? LLC. What is LLC? How to Start a Business. How to Set Up LLC. Limited Liability Company (LLC). How LLC Taxed. LLC vs S Corp. LLC vs Corporation. LLC vs. Partnership. LLC vs Sole Proprietorship. LLC is Legal Designation Only. LLC Taxed as Anything. LLC vs Inc. LLC vs LLP. LLC vs DBA. What is LLC Mean? What is LLC Stand For? What is LLC Business? How to Create LLC. Should LLC Be Taxed as S Corp. Should LLC Be Taxed as Partnership. Should LLC Be Taxed as Sole Proprietor. Should LLC Be Taxed as Corporation.

JJ the CPA covers LLC. What is LLC? How to Start a Business. How to Set Up LLC. Limited Liability Company (LLC). How LLC Taxed. LLC vs S Corp. LLC vs Corporation. LLC vs. Partnership. LLC vs Sole Proprietorship. LLC is Legal Designation Only. LLC Taxed as Anything. LLC vs Inc. LLC vs LLP. LLC vs DBA. What is LLC Mean? What is LLC Stand For? What is LLC Business? How to Create LLC. Should LLC Be Taxed as S Corp.
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Secure Act 2.0: What You Need to Know

The Secure Act 2.0, a new retirement savings bill, has been making waves in the financial world. This update to the original Secure Act, which was signed into law in 2019, aims to expand retirement savings options and make it easier for Americans to save for their golden years. From changes to RMDs (required minimum distributions) to updates to 401(k) plans and Roth IRAs, the Secure Act 2.0 has the potential to have a significant impact on retirement planning for individuals and families.

One of the most significant changes in the Secure Act 2.0 is the increase in the age for RMDs. The original Secure Act increased the age for RMDs from 70 ½ to 72, and the Secure Act 2.0 proposes increasing the age to 75. This change gives individuals more time to build their retirement savings and delay taking distributions from their retirement accounts, thus allowing their investments to grow for a longer period of time.

Additionally, the Secure Act 2.0 aims to expand retirement savings options by making it easier for small businesses to offer retirement plans to their employees. This includes changes to SIMPLE IRA and 401(k) plans, as well as the introduction of Roth 401(k) plans for small businesses. These changes are intended to make it easier for individuals, especially those without access to employer-sponsored retirement plans, to save for retirement and to take advantage of tax-advantaged savings opportunities.

The bill also includes provisions aimed at helping individuals pay down student loan debt while still saving for retirement. This includes allowing employers to make matching contributions to an employee’s retirement account when the employee makes student loan payments. This change aims to help individuals manage their student loan debt while still working towards their retirement goals.

Furthermore, the Secure Act 2.0 includes updates to Roth IRAs, with provisions that would allow for automatic enrollment in Roth IRAs and the ability to make catch-up contributions for individuals aged 60 and over. These updates aim to make it easier for individuals to save for retirement and take advantage of tax-free growth and withdrawals in retirement.

Overall, the Secure Act 2.0 aims to make retirement savings and planning more accessible and flexible for individuals and families. With changes to RMDs, 401(k) plans, SIMPLE IRAs, Roth IRAs, and Roth 401(k) plans, this bill has the potential to have a significant impact on retirement planning and savings strategies. As the bill makes its way through the legislative process, it will be important for individuals to stay informed about the potential changes and how they may impact their retirement plans. It’s always best to consult with a financial advisor or retirement planning expert to understand how these changes may affect your specific situation and to ensure that you are taking full advantage of the opportunities available to you.