SECURE Act 2.0: What You Need to Know in 2023
It’s official – the SECURE Act 2.0 passed on December 23, 2022 and many impacts will be felt right away in 2023 as the new legislation takes effect. Below, you’ll find some at-a-glance highlights of the new SECURE Act 2.0 and what this may mean for your financial and retirement planning ahead in 2023.
SECURE Act 2.0 At-a-Glance:
RMDs are pushed out further to age 73 in 2023 and 75 in 2033
Reduced penalties for missed RMDs
Employers are now allowed to offer matching and non-elective contributions to participant Roth plans
Employers are allowed to match 401(k) contributions to qualified student loan payments
Increased IRA and 401(k) catch-up limits
Required auto enrollment provisions in new retirement plans