5 Things You Need to Know About Secure Act 2.0
February 12, 2023 •
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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HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
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Michael Pallozzi, AIF
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Disclosure: HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
