Jan 12, 2023

Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up.

With a significant number of changes beginning this year and next, we’re going to break the discussion up into two parts. In this first episode, Nancy will lay out the details for RMDs and the new age requirements. The rules will impact both account holders and spouses, and we’ll lay that out for you.

Plus, she’ll tell you about a big change to the 529 plan that will allow people to move money to a Roth. There are some specific rules you’ll need to follow to qualify, but it’s great to have that possibility down the road.

It will be another busy year for retirement planning so make sure you check in with your advisor to see what adjustments you’ll need to make based on this new legislation.

Here’s some of what you’ll learn on this episode:

• The rules have changed for what age you have to take out Required Minimum Distributions. (2:32)
• How these new rules will impact spouses. (8:23)
• Changes to 529 plans will allow people to move that money to a Roth…with some qualifications. (12:31)
• Catch-up contributions increase for the upcoming year. (19:37)