The SECURE 2.0 Act is a recently passed law that makes significant changes to retirement rules. One of the most important changes is that it increases the age at which people must start taking required minimum distributions (RMDs) from their retirement accounts. Under the old rules, RMDs had to begin at age 72. However, under the new rules, the age has been increased to 73 in 2023 and 75 in 2033.
This change is important because it gives people more time to let their retirement savings grow. It also reduces the amount of taxes that people have to pay on their RMDs. In addition, the SECURE 2.0 Act makes it easier for people to save for retirement. It increases the amount of money that people can contribute to their 401(k) plans and IRAs. It also creates a new type of retirement account called a “SECURE Act 2.0 account.” These accounts are designed to make it easier for small businesses to offer retirement plans to their employees.
