
On December 29, 2022, the SECURE Act 2.0 was signed into law by Congress. Investors, especially those in or near retirement, need to pay attention to several items that go into effect between 2023-2025 due to this new legislation. Let’s briefly recap what the original SECURE Act included and how the SECURE Act 2.0 might impact you!
As you may recall, the original SECURE Act (2019) made several changes that impacted retirees:
The goal of the SECURE Act was initially to encourage retirement savings and make it easier for businesses to support their employees with these types of benefits.
SECURE Act 2.0 also aims to create more retirement savings opportunities for US workers. The Act is broken into six sections that cover everything from retirement savings accounts to savings preservation.
Retirement savings (for retirees).
For employees (not yet retired).
These are a few critical changes implemented by the SECURE Act 2.0. If you have additional questions, you can get the complete overview of the SECURE Act 2.0 on the Senate’s website here. If you have any questions regarding changes from the SECURE Act 2.0, don’t hesitate to reach out! We’re here to help.
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"Finance Made Simple" blog posts are intended for educational purposes and not for specific advice. Each person’s situation is different. Consult your financial advisor for advice relating to topics discussed.