How SECURE 2.0 Might Change Retirement

How SECURE 2.0 Might Change Retirement

The SECURE Act of 2019 represented the biggest update to retirement law in over a decade. Now, Congress is deliberating on what “SECURE 2.0” legislation might entail.

In March, the House passed the Securing a Strong Retirement Act with a bipartisan 414-5 vote. The Senate is still weighing numerous proposals for their version, the Rise & Shine Act.

Proposals under consideration include:

  • Raising the Required Minimum Distribution (RMD) age to 73
    (eventually 75)
  • Increasing catch-up contributions to $10,000
  • Creating Roth versions of SIMPLE and SEP IRAs

Reconciling these bills will take time, but it’s clear that SECURE 2.0 could bring about another raft of significant changes for business owners and
employees. As always, I’m keeping an eye out for what you need to know
and will be in touch as events develop.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2022 FMG Suite.

Dr. Jason Van Duyn
586-731-6020
AQuest Wealth Strategies
President

Dr. Jason Van Duyn CFP®, ChFC, CLU, MBA is a Registered Representative with and Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA & SIPC. The LPL Financial registered representative associated with this site may only discuss and/or transact securities business with residents of the following states: IN, IL, TX, MI, NC, AZ, VA, FL, OH and CO.

Feel free to share this with your friends on social media or email

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email

Debt Stress

Debt Stress The average American owes $52,940 in debt. Of that $52,940, $36,730 is from mortgage debt, $5,730 is from student loans, and $5,000 is

Read More »

Caring for Aging Parents

Caring for Aging Parents Thanks to healthier lifestyles and advances in modern medicine, the worldwide population over age 65 is growing. In the past decade,

Read More »