facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
New Retirement Tax Law: SECURE Act 2.0 Thumbnail

New Retirement Tax Law: SECURE Act 2.0

On Friday, December 23rd Congress approved The Setting Every Community Up For Retirement Act 2.0, also known as The SECURE Act 2.0.

This bill has been long expected since the original SECURE Act 1.0 was passed in December of 2019 and completely changed the way we plan using retirement accounts, trusts, and life insurance.

Some of the major changes in The SECURE Act 2.0 are... 

  • Extended the RMD age to age 73
  • Reduced the penalty for missing an RMD
  • Allows employer matching to the Roth 
  • Increased the contribution to a QLAC
  • Increased retirement plan catch-up contributions for those age 60-63 in 2025
  • Allows a 529 to Roth IRA rollover starting in 2024
  • Creates Roth SEP IRA or SIMPLE IRA options
  • Allows for a $50,000 IRA Charitable Rollover to a Charitable Gift Annuity or Charitable Remainder Trust

If you have any questions on how the SECURE Act 1.0 or 2.0 can impact your financial plan, please don't hesitate to reach out!

Dave Alison, CFP®, EA, BPC®
Founder & CEO

(888) 617-3402