SECURE Act 2.0 Passed in Final Days of 2022

 

SECURE Act 2.0 Passed in Final Days of 2022

Congress spent the final days of 2022 on new reforms designed to help Americans save more for retirement.

You may hear the changes called SECURE Act 2.0, which is a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act enacted into law in late 2019.1

SECURE 2.0 contains dozens of provisions, but one key change is critical to understand. Starting January 1, 2023, the age at which owners of retirement accounts must begin taking required minimum distributions (RMDs) increases to 73 years of age. And starting in 2033, RMDs may begin at age 75.2

If you have already turned 72, you must continue taking distributions. But if you are turning 73 this year, we may want to revisit your approach.

SECURE 2.0 was tucked in the $1.7 trillion federal spending bill, so as more people become familiar with the legislation, expect more details to emerge. In the meantime, if you have any questions, don’t hesitate to call.2

Happy New Year.

 

1. PlanAdvisor.com, December 23, 2022
2. Fidelity.com, December 23, 2022

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

Facebook
Twitter
LinkedIn
Email

Timing Your Retirement

Timing Your Retirement This short video illustrates why knowing when to retire can be a crucial part of your strategy. The content is developed from

Read More »

Stop Wasting Money

Stop Wasting Money Benjamin Franklin once said, “a penny saved is a penny earned.” One way to find the money to meet your spending or

Read More »