The SECURE Act 2.0 was signed into law in late 2022, and there are several ways it may affect you and your retirement accounts. The Edwards & Associates team covers everything you need to know for these upcoming changes.
In this episode, they discuss the new changes for age limits on the Required Minimum Distribution. Basically, this covers when the government wants you to start taking distributions from your accounts (so they can start getting their tax dollars).
They also talk about new ways the government is helping people get more relief in times of need by allowing up to $1,000 annually to be taken from a retirement fund without penalties.
Also, have you heard about the auto-enrollment in your company’s 401K program? This is something that will be rolled out where if you start with a company, and they offer a 401K, you will automatically be enrolled at 3%.
There are also new programs where if you’re making contributions towards your student loan debt, your employer can still pay into your 401K match based on the amount you’re paying on your student loans.
Plus they discuss what benefits employers who offer retirement plans to their employees may see from this new bill. This may be the perfect opportunity to start adding this program into your practice and allowing your employees to get one more perk, and you may see more tax benefits.
If you have specific questions about your retirement plan or the plans you offer your employees, or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.