What is the SECURE Act?
As school and work adjourned for the holidays in late December, some of Congress’ most substantial efforts of the year were underway as its members sought to pass a 2023 fiscal year spending bill. Ultimately, they succeeded, with a $1.7 trillion package being signed into law by President Biden on December 27. Among other measures, the legislation contains the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0, a group of retirement reforms intended to expand and increase retirement savings.
The Act, which builds on prior legislation passed in 2019, includes a wide range of provisions to help both older and younger workers, including further increasing the age at which required minimum distributions (RMDs) must be made and enabling employers to “match” student loan payments with retirement plan contributions.
In this article, you'll find the key SECURE Act 2.0 provisions to note and review with a financial advisor as you plan for 2023 and beyond.
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