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Should You Wait to Take RMDs? Understanding SECURE Act 2.0 Based on Age Thumbnail

Should You Wait to Take RMDs? Understanding SECURE Act 2.0 Based on Age

SECURE Act 2.0, or the New Secure Act, is a proposed piece of legislation that builds upon the original SECURE Act. It was introduced in the US Congress in 2021 and seeks to further improve the retirement savings of Americans and increase access to retirement plans. The new bill aims to enhance the retirement security of American workers by making it easier for them to save and providing greater flexibility in using their savings.

SECURE Act 2.0 includes several new provisions aimed at expanding retirement savings options, increasing portability, and reducing barriers to entry for workers. Some of these provisions include allowing workers to withdraw funds from their retirement accounts for birth or adoption expenses, permitting part-time workers to participate in 401(k) plans, and increasing the cap on automatic enrollment safe harbor contributions.

Chris Cordoba, CFP explains what you need to know about timing RMDs and more in this video:

The bill also includes provisions aimed at improving the accessibility of annuities as a retirement income option and providing tax incentives for small businesses to offer retirement plans to their employees. 

Overall, SECURE Act 2.0 aims to build on the original SECURE Act and further improve the retirement savings and security of American workers.

Get help with your tax efficient retirement planning from our team of advisors - book a free consultation here!

By Christian Cordoba
Founder, California Retirement Advisors

Investment advisory services offered through Mutual Advisors, LLC DBA California Retirement Advisors, a SEC registered investment adviser. Securities offered through Mutual Securities, Inc., member FINRA/SIPC. Mutual Securities, Inc. and Mutual Advisors, LLC are affiliated companies. CA Insurance license #0B09076. This content is developed from sources believed to be providing accurate information and provided by California Retirement Advisors. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. California Retirement Advisors, nor any of its members, are tax accountants or legal attorneys and do not provide tax or legal advice. For tax or legal advice, you should consult your tax or legal professional.