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ARTICLE · 16 OCTOBER 2023

SECURE 2.0 Brings Changes To Retirement Plans And Planning

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The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in late 2022. Although some provisions are being phased in over time...

United StatesEmployment and HR
Heather Sinclair-Smelley
Heather Sinclair-Smelley
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The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in late 2022. Although some provisions are being phased in over time, the law includes many significant changes that take effect in 2023 and 2024. Below are some that may influence your or your employees' retirement planning.

CHANGES NOW IN EFFECT

SECURE 2.0 has already made dramatic changes in several areas, including:

Required Minimum Distributions (RMDs)
The first SECURE Act generally raised the age that individuals must start taking taxable RMDs from traditional IRAs and other qualified plans from 70½ years to 72 years. SECURE 2.0 increased the age to 73 years as of Jan. 1, 2023. In 2033, the age will jump to 75 years.

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