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Highlights of the Secure 2.0 Act on Retirement Savings
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News & Insights
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Ask a Financial Advisor" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(71) "rethinking65-how-are-americas-businesses-faring-ask-a-financial-advisor" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2023-05-09 14:25:04" ["post_modified_gmt"]=> string(19) "2023-05-09 14:25:04" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(32) "https://intergywealth.com/?p=932" ["menu_order"]=> int(0) ["post_type"]=> string(4) "post" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [3]=> object(WP_Post)#3156 (24) { ["ID"]=> int(927) ["post_author"]=> string(1) "2" ["post_date"]=> string(19) "2023-03-03 15:41:04" ["post_date_gmt"]=> string(19) "2023-03-03 15:41:04" ["post_content"]=> string(3622) "The SECURE 2.0 Act is now law. The legislation provides a slate of changes that could help strengthen the retirement system—and Americans' financial readiness for retirement. There is quite a bit to unpack in the legislation, but here are some key takeaways and what they mean for retirement savers in 2023:
- RMD overhauls:
- The RMD age has increased from 72 to 73 starting Jan 1, 2023. If you turn 73 in 2023 or later, that will be your RMD age. For those who turned 72 in 2022 or earlier, the RMD schedule will remain as is. Last, in 2033, the RMD age will be pushed back to age 75 (even though other legislation could come into play over the next decade).
- The 50% penalty for not taking an RMD is being reduced to 25%. It is further reduced to 10% in IRA accounts if the missed RMD is corrected.
- Roth employer retirement accounts will be exempt from RMDs.
- Roth Employer Match: Employers will be able to provide employees the option of receiving vested matching contributions to Roth accounts (although it may take time for plan providers to offer this and for payroll systems to be updated). Previously, matching in employer-sponsored plans were made on a pre-tax basis. Contributions to a Roth retirement plan are made after-tax, after which earnings can grow tax-free. This is a huge win for savers, especially those who are younger or who have a lower than normal annual income.
- QLACs: Qualified longevity annuity contracts (QLACs) are deferred income annuities purchased with retirement funds typically held in an IRA or 401(k) that begin payments on or before age 85. The premium limits increased from $145,000 to $200,000 starting Jan 1, 2023. The limitation that the QLAC only account for up to 25% of an individual’s retirement account balance has been eliminated.
- Roth SIMPLE and SEP IRAs: Starting in 2023, employers will be allowed to create Roth accounts for SIMPLE and SEP IRAs. These accounts have historically only been available for pre-tax contributions.
- Rollovers of 529 Plan balances to Roth IRAs: Beginning in 2024, based on provisions in the new law, you’re allowed to roll up to $35,000 of leftover funds in a 529 into a Roth IRA. Prior to 2024, 529 dollars were subject to a 10% penalty on any non-qualified withdraw. That is still the case, but the rollover to a Roth IRA will be an exception. The 529 must have been in effect for at least 15 years and the funds must go into an account owned by the same beneficiary.
There are more provisions included in the Secure 2.0 Act and many different timelines in which the changes will be implemented. A lot of these changes hinge on the ability for employers and 401k sponsors to update their systems to reflect these changes. It will be important for individuals to continuously monitor their financial plan over the next few years to consider what opportunities will be best to take advantage of.
" ["post_title"]=> string(54) "Highlights of the Secure 2.0 Act on Retirement Savings" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(54) "highlights-of-the-secure-2-0-act-on-retirement-savings" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2024-03-21 18:54:41" ["post_modified_gmt"]=> string(19) "2024-03-21 18:54:41" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(32) "https://intergywealth.com/?p=927" ["menu_order"]=> int(0) ["post_type"]=> string(4) "post" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [4]=> object(WP_Post)#3160 (24) { ["ID"]=> int(922) ["post_author"]=> string(1) "2" ["post_date"]=> string(19) "2023-01-26 15:09:12" ["post_date_gmt"]=> string(19) "2023-01-26 15:09:12" ["post_content"]=> string(3775) "- Know Why: A purpose behind every task can make it more meaningful and easier to accomplish. Do you have a problem with overspending? Do you have a big savings goal in the future? Are you retired and on a fixed income? The “why” behind your budgeting endeavors can help get over the emotional and mental hurdle of sitting down to budget.
- Test Different Methods: There are many ways to budget. From excel spreadsheets, to saving receipts and writing in a yellow pad, to using a tool like the “Cash Flow Analysis” on our eMoney website. All of these tools provide a level of automation and control that work differently for different people. There is no single correct way to budget. The goal should be to find a method that works and be ok with switching things up if you are not getting the results you would like.
- Prioritize Needs and Wants: Needs come first in a budget. It is important to identify what these are and make sure there is ample room in the budget for them. Housing, groceries, utilities, taxes, childcare, and phone bills are good examples. When it comes to wants, prioritization is important. If your family values eating out over buying goods, ensure that is reflected in your monthly spending. If you enjoy fashion and travel and dining out does not do it for you, make sure that is reflected as well. With wants, it is not how much goes to each category, but rather, which categories are worth focusing on.
- Automate, automate, automate: As much as possible automate this system. Especially when it comes to your monthly saving and monthly needs, automation can help make a budget more sustainable. Having your mortgage payment and retirement account automatically come out of your account/ paycheck allows for you to take care of needs now and in the future with no action on your part. The less action that is required every month on the important and recurring items, the more attention you can focus to the budgeting of variable wants every month, or something different than budgeting altogether.
- Check In: This is an important step. This is not a weekly action, but perhaps every 3-6 months. What is going well with the budget? Is the system you chose working? Are you staying within the budget? Are fixed expenses like property taxes changing or has inflation increased what you need to allocate for groceries? All of these questions can be looked and minor adjustments can be made without throwing the entire budget out. Budgeting is an important step of managing your finances, but it is important to be flexible. Life changes, unforeseen events occur, expenses change and we need to be able to adapt and change to this.
- Manage Cash Well: Part of budgeting is to forecast expenses and protect savings. Part of a savings plan is to have an emergency fund that equates to 3-6 months of expenses while working and up to 3-4 years of expenses in retirement. It is important to review where this cash is held as you always want your money working as hard as possible on your behalf. A typical checking account interest rate is about .1% today. High yield savings accounts, CDs, and money market funds all offer a competitive rate 3-4% today and allow your money to earn interest.