Ep 103: SECURE Act 2.0 – Retirement Changes You Need to Know About

The Key Points: 

Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up.

To help us sort through all the new provisions, we’ve asked Colleen LeMasters, CFP®, ChFC®, BFA® to join the show again. There are 16 key changes that are part of this new legislation, but we’ll hit the most important items that will impact the majority of the pre-retirees and retirees that we work with.

Here’s some of what you’ll learn on this episode:

  • The key differences in SECURE Act and SECURE Act 2.0 (1:06)
  • The age for RMDs is moving back even further. (2:52)
  • The penalties for missing RMDs is not nearly as significant. (3:59)
  • The big change to 529 plans that might give you more flexibility. (7:20)
  • Employers have the ability set aside money for student loan payments. (12:27)
  • Some lifetime income options inside 401(k) accounts will be available. Is that a good thing? (17:36)

If you have any questions, please reach out to us at https://www.baschrock-fg.com/ or give us a call at 330-473-1060



Related Content:

Ep 100: End of the Year Planning Pt. 1

Ep 101: End of the Year Planning Pt. 2

Ep 102: Market Risk with Colleen LeMasters, CFP®, ChFC®, BFA™

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