SECURE Act 2.0 is now law. With dozens of new provisions, many Americans will get to invest longer for retirement, put away more money, and take advantage of the biggest changes in years for their employer-sponsored 401(k) plans.
SECURE Act 2.0 moves the required minimum distributions (RMDs) age to 73 in ’23—and to age 75 in ’33
RMD late withdrawal penalties set to drop
Catch-up retirement contribution limits will increase 50% for some late-career workers
Big changes ahead for Roth retirement investments
Whether you’re a few years from retirement or decades away, dozens of new rules in the long-awaited SECURE Act 2.0 of 2022 could have a significant impact on the way you plan, invest, and withdraw your nest egg.
Signed into law December 30, 2022 by President Biden as part of an omnibus spending bill, ‘SECURE 2.0’—the latest update to 2019’s Setting Every Community Up for Retirement Enhancement (SECURE) Act—could have the greatest impact for workers enrolled in qualified employer retirement plans.
Here are some major provisions of SECURE Act 2.0 and the year they become effective. Please note that the IRS may issue regulations that could reshape these rules over time. When that happens, we’ll update the following.
To help you learn more about SECURE Act 2.0, The Ticker Tape will be updating current articles to reflect the latest changes in this law.
TD Ameritrade does not provide tax advice. We suggest you consult with a qualified tax-planning professional with regard to your personal circumstances.
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