FINANCIAL FREEDOM COUNTDOWN

SECURE ACT 2.0: HOW THE NEW LEGISLATION COULD IMPACT YOUR RETIREMENT

“SECURE 2.0” was passed as part of the  $1.7 trillion spending bill on 23rd December 2022.

SECURE Act 2.0  is an effort to build upon the successes of the SECURE Act passed in 2019, striving to give more employees access to retirement plans and other benefits.

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What Is the SECURE Act 2.0?

Automatic 401(k) and 403(b) Enrollment Starting in 2025, employers will be mandated to automatically enroll their employees in 401(k) and 403(b) plans with a rate of at least 3% but at most 10%.

The bill will raise the minimum required withdrawal age from 72 to 73 in 2023 and then again to 75 by 2033.

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Increased RMDs Age

With SECURE Act 2.0, you won’t have to worry as much about accidentally missing your required minimum distribution (RMD).

Penalty Lowered  for Missed RMDs

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