Key Takeaways of the SECURE Act 2.0
Weber Group at Raymond James
For more information about the author, click to view their website: Weber Group at Raymond James
Jun 06, 2023
Pennsylvania - Greater Pittsburgh Area
Passed in December 2022, the SECURE Act 2.0 includes :
RETIREMENT SAVING RULE CHANGES
Higher catch-up contribution allowances
For those age 60-63, the catch-up contribution limit will increase to the greater of $10,000 or 150% of the regular catch-up amount for 401(k) and similar type plans. The higher allowance is effective starting in 2025.
Cost of living adjustments to IRA catch-up contributions
Individuals age 50+ can currently contribute an additional $1,000 to either a traditional or Roth IRA. Beginning in 2024, catch-up contributions will be indexed for inflation.
REQUIRED MINIMUM DISTRIBUTION (RMD) CHANGES
RMD age increased to 73, but individuals can still do Qualified Charitable Distributions (QCD) at 70 ½. Beginning in 2023, a one-time QCD of up to $50,000 can be directed towards a split-interest entity such as a Charitable Remainder Annuity Trust (CRAT), Charitable Remainder Unitrust (CRUT) or Charitable Gift Annuity (CGA).
TRANSFER OF EXCESS 529 FUNDS TO A ROTH IRA
Effective in 2024, a beneficiary’s unused 529 funds may be transferred to a Roth IRA in the name of the beneficiary, subject to several rules:
• The lifetime amount that can be transferred is $35,000 and is subject to the annual contribution limits.
• The 529 plan must be established for at least 15 years.
ROTH RULE CHANGES
Roth employer plan distributions
Effective 2024, individuals will no longer be required to take distributions from Roth accounts from employer plans.
Roth-style version of SEP and SIMPLE IRA accounts
Effective in the 2023 tax year, you can now create SIMPLE Roth IRA and SEP Roth IRA accounts.
CATCH-UP CONTRIBUTIONS REQUIRED TO BE ROTH FOR HIGH WAGE EARNERS
Catch-up contributions for high income earners must be made in Roth accounts starting in 2024. The new rule applies to catch-up contributions for 401(k), 403(b) and governmental 457 (b) plans.
Editor’s Note: This article was submitted by Erin Weber. Erin is a Financial Advisor with the Weber Group of Raymond James. She may be reached at 878.208.1285 or Erin.Weber@RaymondJames.com. Raymond James & Associates, Inc., member New York Stock Exchange/SIPC.
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