5 Things You Need to Know About Secure Act 2.0
You’re probably not going to read the Secure Act 2.0’s ~100 provisions, so we’re telling you the top 5 things you need to know about it, even if you’re not retiring. The act is being phased into implementation from 2023 – 2033. We’ll let you know the key dates you need to keep in mind.
Tune into this episode to also learn:
- How the Secure Act 2.0 will affect you
- When key aspects of the Secure Act 2.0 will go into effect
- What you need to know if you aren’t retiring soon
WHAT WE DISCUSSED
(00:31) Secure Act 2.0: what you need to know
(02:02) You must withdraw retirement money by THIS age
(05:16) New catch-up contribution limits
(08:30) Roth catch-up contribution (more tax-free growth)
(11:54) Moving money from 529 to Roth IRA (in 2024)
(14:46) Changes for people not near retirement
(17:49) Pay student loans, get a 401K match
(18:36) Long-term care and military distributions
3 THINGS TO REMEMBER
- You will have to take money out of your retirement accounts by age 73
- Catch-up contributions are going up to $7,500 if you are over 50. Beginning 2023, if you are between 60-63, catch-up contributions go up to $10,000
- Starting in 2024, you won’t need to worry about putting too much money in your 529 for your child/grandchild because you will eventually be able to roll the money over into their Roth IRA accounts. Tune in at (11:54) for the caveats.
USEFUL LINKS
Connect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedIn
Connect with Catherine Alan Cardozo: callencarlozo@hfmadvisors.com | LinkedIn
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