SECURE ACT 2.0: Information for Individuals

The SECURE Act 2.0, or Setting Every Community Up for Retirement Enhancement Act, is a comprehensive piece of legislation benefiting both Individuals and Employers. This legislation is set to be implemented over the next several years and seeks to foster a stronger and more secure retirement landscape for Individuals while offering financial support to Employers to offer retirement plan benefits while also extending the time before investors become subject to required minimum distributions from their retirement portfolios.

For Individuals, it extends the age for required minimum distributions (RMDs), making it easier to plan for retirement by allowing more time for savings to grow. It also provides opportunities for penalty-free withdrawals for qualified life events like the birth or adoption of a child. Additionally, it encourages lifetime income options, aiming to secure a steady stream of funds during retirement.

Information for Individuals

The SECURE Act 2.0 is a U.S. law aimed at improving retirement savings options for Individuals. It brings about changes like increasing the age for required minimum distributions (RMDs) from retirement accounts to 72, allowing contributions to traditional IRAs beyond age 70 ½, and promoting access to employer-sponsored retirement plans for part-time workers. 

The Act also encourages the inclusion of lifetime income options within retirement plans and offers penalty-free withdrawals from retirement accounts for qualified expenses related to the birth or adoption of a child. Additionally, it provides more education-related benefits through expanded usage of 529 plans, ensuring that Individuals have greater flexibility and opportunities to enhance their financial security during retirement.

This download covers the following topics:

If you have questions about the SECURE ACT for Individuals or would like to discuss your personal retirement plan, request a free personal consultation by clicking the button below. 

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