Ep 88: SECURE Act 2.0 Impacts On Your Retirement (Part 2)
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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.
In the first part of this two-part series, we detailed the changes coming to required minimum distributions and Roth accounts. In this episode, we’ll work our way through more of the planning items in SECURE Act 2.0, including spousal IRAs, qualified charitable distributions, catch-up contributions, emergency savings accounts, and required minimum distributions.
Here’s some of what you’ll learn in this episode:
- How has the spousal IRA changed and what that means in different situations? (3:08)
- Catch-up contributions in IRAs are now going to be indexed for inflation. (9:24)
- In 2025, those aged 60-63 will be able to contribute more than the catch-up contribution. (13:29)
- Starting in 2024, the max amount you can use for a qualified charitable distribution will be indexed for inflation. (15:58)
- The penalty for failing to take your RMD will be less starting in 2023. (17:27)
- There are now more opportunities to take out emergency money from your retirement accounts early without penalty. (20:13)
- New opportunities to pay off student loans through employment. (24:12)
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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