The House passed the Setting Every Community Up for Retirement Enhancement Act (SECURE) Act 2.0 on March 29, 2022. So, what does this mean for you and your family? Here are a few highlights:
- RMD age will rise to 73 in January 2023, then to age 74 in 2030, and finally to age 75 in 2033.
- Annual catch-up contributions increase the limit from $6,500 to $10,000 beginning in 2024.
- Employers will be allowed to match an employee’s student loan payment by making an equivalent contribution to that worker’s retirement savings plan.
For more information about the SECURE Act 2.0, check out the resources listed below.
RMD = required minimum distributions