The SECURE Act 2.0, signed into legislation in December 2022, brings about important adjustments to retirement financial savings and planning in america. These adjustments are designed to make it simpler for Individuals to avoid wasting for retirement, improve entry to retirement plans, and supply larger flexibility in managing retirement funds.
One of the necessary provisions of the SECURE Act 2.0 is the rise within the age at which people should start taking required minimal distributions (RMDs) from their retirement accounts. Below the outdated legislation, RMDs needed to start at age 72. The SECURE Act 2.0 raises this age to 73 in 2023 and to 75 in 2033. This provides people extra time to develop their retirement financial savings and scale back the quantity of taxes they owe on RMDs.
