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ARTICLE · 17 NOVEMBER 2023

SECURE Act 2.0: New Law Makes Saving For Retirement Easier

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Legislation enacted at the end of 2022 included the long-awaited SECURE 2.0 Act of 2022 (SECURE 2.0), which expands on the Setting Every Community Up for Retirement Enhancement...

United StatesEmployment and HR
Irina Heyer
Irina Heyer
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Legislation enacted at the end of 2022 included the long-awaited SECURE 2.0 Act of 2022 (SECURE 2.0), which expands on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Many of the changes made by SECURE 2.0 make it easier to save for retirement in a tax-advantaged manner. Here are some of the highlights.

TAKING RMDS

The first SECURE Act raised the age at which individuals must begin taking required minimum distributions (RMDs) from IRAs and employer-sponsored retirement plans — from 70½ years to 72 years for those who turn 70½ in 2020 or later. SECURE 2.0 increases the starting age further, to 73 beginning in 2023 and to 75 beginning in 2033. Keep in mind that if you turned 72 in 2022 or earlier, you must continue taking RMDs as scheduled. Similarly, if you turn 73 before 2033, you need to continue taking RMDs as scheduled, even after the starting age increases to 75.

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