Deconstructing the SECURE ACT 2.0
Name:
Deconstructing the SECURE ACT 2.0
Date:
August 16, 2023
Time:
12:00 PM - 1:00 PM EDT
Event Description:
Virtual Workshop
Deconstructing the SECURE ACT 2.0
Wednesday, August 16th at 12 p.m.
Congress recently signed into law the SECURE ACT 2.0. This Act makes sweeping changes to the way we save for retirement and offers new flexibility and opportunity for taking distributions from our retirement plans. During this workshop, we will dive deeper into these important changes, including:
- The age to start taking RMDs increases to age 73 in 2023 and to 75 in 2033.
- The penalty for failing to take an RMD will decrease to 25% of the RMD amount, from 50% currently, and 10% if corrected in a timely manner for IRAs.
- Starting in 2024, RMDs will no longer be required from Roth accounts in employer retirement plans.
- Catch-up contributions will increase in 2025 for 401(k), 403(b), governmental plans, and IRA account holders.
- Defined contribution retirement plans will be able to add an emergency savings account associated with a Roth account.
- Unused funds in 529 plans may be rolled over into a Roth IRA after 15 years
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