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WEBINAR REPLAY: Secure Act 2.0, January 2023

January 25th, 2023

This new legislation aims to strengthen the retirement system and improve Americans' financial readiness for retirement.

During this event, we discussed:

     - The age to start taking required minimum distributions (RMDs) will increase to 73 in 2023 and to 75 in 2033.

     - The penalty for failing to take an RMD will decrease to 25% of the RMD amount for IRAs, and to 10% if corrected in a timely manner.

     - RMDs will no longer be required from Roth accounts in employer retirement plans starting in 2024.

     - Catch-up contributions will increase in 2025 for 401(k), 403(b), governmental plans, and IRA account holders.

     - Defined contribution retirement plans will be able to offer an emergency savings account associated with a Roth account.