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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

Detailed Secure Act 2.0 Guide

Connect with Jason Gabrieli: [email protected]LinkedIn

Connect with Catherine Alan Cardozo: [email protected]LinkedIn

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