Landmines and Opportunities in SECURE Act 2.0

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Another round of retirement changes are on the way after President Biden passed SECURE Act 2.0 into law on December 23rd. While we’ve been anticipating this legislation for a while, we didn’t know exactly what we be in the final bill.

The original SECURE Act made significant changes to IRA rules. The most notable was increasing the first required IRA and 401(k) distribution from 70½ to 72. This newest law changes that rule to require the first distribution when you turn 73.

You’ll also notice a number of workplace changes, which Don will highlight on this show.

Along with the changes, there was something that wasn’t changed that might be just as significant. The complicated rules around the Inherited IRA still remain so make sure you understand what happens to your accounts when they pass to a beneficiary because there could be significant tax increases.

Retirees and pre-retirees need to spend some time with their advisor to discuss what this legislation means, how it might impact you, and what planning opportunities this could open up.

Here’s some of what we discuss in this episode:

  • The required minimum distribution age moved back again. [4:11]
  • The complications with taxes surrounding Inherited IRAs still remain. [11:41]
  • Significant changes to workplace plans [17:10]
  • An update on the New Jersey ANCHOR program [21:45]
  • Don’s overall opinion on SECURE Act 2.0. [27:57]

 

If you have any questions about what we discussed in this episode, please reach out and we’d be happy to provide answers.

 

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ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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