Dan Cameron

(856) 904-9932

Retirement

Understanding the SECURE Act 2.0

This infographic is composed of a timeline that moves vertically down the page starting in 2023 and ending in 2033. The title is placed next to a vector image of the US Capitol spire and reads: Secure Act 2.0.

This infographic is composed of a timeline that moves vertically down the page starting in 2023 and ending in 2033. The title is placed next to a vector image of the US Capitol spire and reads: Secure Act 2.0.

Moving down the US Capital spire, underneath the title is text that reads: In the final days of 2022, Congress passed SECURE 2.0, the new set of retirement rules designed to facilitate contribution to retirement plans and access to those funds earmarked for retirement. This sweeping legislation has dozens of significant changes; here is a timeline covering a few of the major changes of the new law.

Moving down the US Capital spire, underneath the title is text that reads: In the final days of 2022, Congress passed SECURE 2.0, the new set of retirement rules designed to facilitate contribution to retirement plans and access to those funds earmarked for retirement. This sweeping legislation has dozens of significant changes; here is a timeline covering a few of the major changes of the new law.

Moving down the US Capitol dome, the timeline begins with 2023 and lists six changes: RMD age increased from 72 to 73. Employers can make Roth contributions to SIMPLE and SEP plans for employees. RMD penalty reduced from 50 percent to 25 percent.

Moving down the US Capitol dome, the timeline begins with 2023 and lists six changes: RMD age increased from 72 to 73. Employers can make Roth contributions to SIMPLE and SEP plans for employees. RMD penalty reduced from 50 percent to 25 percent.

Small business credit for establishing a workplace retirement plan increased from 50 percent to 100 percent. Over 50 catch-up contribution increased from 6,500 dollars to 7,500 dollars. Qualified Charitable Donation limit indexed for inflation.

Small business credit for establishing a workplace retirement plan increased from 50 percent to 100 percent. Over 50 catch-up contribution increased from 6,500 dollars to 7,500 dollars. Qualified Charitable Donation limit indexed for inflation.

Continuing down the US Capitol dome, the timeline progresses to 2024 and lists four changes: 1,000 dollars emergency withdrawal from retirement accounts. 529 plans can rollover into a Roth IRA.

Continuing down the US Capitol dome, the timeline progresses to 2024 and lists four changes: 1,000 dollars emergency withdrawal from retirement accounts. 529 plans can rollover into a Roth IRA.

Companies can match student loan payments with retirement contributions. Roth 401(k)s and Roth 403(b)s no longer have RMDs.

Companies can match student loan payments with retirement contributions. Roth 401(k)s and Roth 403(b)s no longer have RMDs.

Closer to the base of the US Capitol dome, the timeline transitions to 2025: Employers must automatically enroll employees in workplace retirement plans. Part-time workers who have worked at least 500 hours per year for two consecutive years are eligible to participate in a retirement plan. 10,000 dollar catch-up contributions now available for those aged 60-63.

Closer to the base of the US Capitol dome, the timeline transitions to 2025: Employers must automatically enroll employees in workplace retirement plans. Part-time workers who have worked at least 500 hours per year for two consecutive years are eligible to participate in a retirement plan. 10,000 dollar catch-up contributions now available for those aged 60-63.

At the base of the US Capitol dome, the timeline reaches 2033 with one final change: RMD age increases from 73 to 75.

At the base of the US Capitol dome, the timeline reaches 2033 with one final change: RMD age increases from 73 to 75.

The bottom of the infographic depicts part of the US Capitol dome, largely obstructed by text that reads: Retirement rules can change without notice, and there is no guarantee that the treatment of specific rules will remain the same over time. This article intends to give you a broad overview of SECURE 2.0. It's not intended as a substitute for real-life advice regarding your retirement strategy. Roth IRA distributions must meet a five-year holding requirement and occur after age 59½ to qualify for the tax-free and penalty-free withdrawal of earnings. Tax-free and penalty-free withdrawals are allowed under certain other circumstances, such as the owner's death. The original Roth IRA owner is not required to take minimum annual withdrawals.

The bottom of the infographic depicts part of the US Capitol dome, largely obstructed by text that reads: Retirement rules can change without notice, and there is no guarantee that the treatment of specific rules will remain the same over time. This article intends to give you a broad overview of SECURE 2.0. It's not intended as a substitute for real-life advice regarding your retirement strategy. Roth IRA distributions must meet a five-year holding requirement and occur after age 59½ to qualify for the tax-free and penalty-free withdrawal of earnings. Tax-free and penalty-free withdrawals are allowed under certain other circumstances, such as the owner's death. The original Roth IRA owner is not required to take minimum annual withdrawals.

Related Content

Fallen Tree Damage—Who Pays?

Fallen Tree Damage—Who Pays?

Your liability for damages that occur when a tree on your property falls on your neighbor’s property is not clear cut.

Tuning Your Social Security Benefit

Tuning Your Social Security Benefit

When should you take your Social Security benefit?

An Overview of Renter’s Insurance

An Overview of Renter’s Insurance

Don’t overlook the need for renter’s insurance if you rent your home.

Have A Question About This Topic?

Understanding Extended Care

Understanding the types of extended care services—and what those services could cost—may be critical.

Emotional vs. Strategic Decisions

Information vs. instinct. Are your choices based on evidence of emotion?

Avoiding Cognitive Decline

Try these activities to keep your brain sharp.

View all articles

Bi-Weekly Mortgage Payments

See how switching to bi-weekly mortgage payments could reduce interest and shorten your loan.

Federal Capital Gains Tax Estimator

Estimate your potential federal capital gains tax liability on the sale of an asset.

How Compound Interest Works

Explore how compound interest can grow your money over time with this interactive tool.

View all calculators

The Power of Compound Interest

Learn how to harness the power of compound interest for your investments.

It Was the Best of Times, It Was the Worst of Times

All about how missing the best market days (or the worst!) might affect your portfolio.

The Business Cycle

How will you weather the ups and downs of the business cycle?

View all videos