Ep 87: SECURE Act 2.0 Impacts on Your Retirement (Part 1)
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By Scott Sierens. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
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.
Here’s some of what you’ll learn in this episode:
- Background on the original SECURE Act and what that changed. (2:51)
- The new ages for Required Minimum Distributions. (5:23)
- Important Q&A surrounding SECURE Act 2.0. (7:49)
- How you can use this new RMD rule to your advantage. (9:51)
- Delaying the RMD age could also help delay when Medicare surcharges start. (13:06)
- Roth change 1 – Eliminating RMDs for all Roth accounts. (13:54)
- Small business owners can utilize the ability to create a SEP Roth. (16:22)
- Employer contributions are now eligible for Roth treatment. (17:50)
- High-wage earners are going to be required to use the Roth for catch-up contributions. (19:20)
- How the Secure Act 2.0 could provide more benefits to a 529 plan. (22:01)
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
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