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 effectWhat 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 73Catch-up contributions are going up to $7,500 if you are over 50. Beginning 2023, if you are between 60-63 catchup contributions go up to $10,000Starting 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 LinksDetailed Secure Act 2.0 GuideConnect with Jason Gabrieli: LinkedInConnect with Catherine Allen-Carlozo: LinkedInLike what you’ve heard…Learn more about HFM HERESchedule time to speak with us HERECheck out our Financial Wellness Program – HFM Ignite