The SECURE 2.0 Act, signed into law by President Biden as part of the Consolidated Appropriations Act of 2023, brings significant changes to retirement plans such as 401(k), 403(b), Individual Retirement Accounts (IRAs), and Roth accounts.
The new SECURE 2.0 Act builds upon the “Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.” The expanded 2.0 legislation makes significant changes to qualified retirement plans and should be considered in relation to your overall estate planning strategy.
If you need to make changes to your Florida estate plan because of The SECURE 2.0 Act, please get in touch with estate planning attorney Anthony J. Dimora at Woodward, Pires & Lombardo. P.A. today. Call (239) 394-5161 or see www.wpl-legal.com.
Required Minimum Distribution Age Change
One of the critical areas of the SECURE 2.0 Act relates to the required minimum distribution (“RMD”) age, which raises the RMD from age 72 to age 73 on January 1, 2023, and once again to age 75 on January 1, 2033.
Other Highlights of SECURE 2.0
Other interesting and attractive changes introduced by the SECURE 2.0 Act, include, but are not limited to, expanding automatic enrollment in retirement plans, catch-up contributions, treatment of student loan payments, emergency savings, reduction in penalties for failing to take an RMD when required, and a surviving spouse electing to be treated as the deceased employee for purposes of RMDs.
However, keep in mind that new laws can be complex and, therefore, you should consult with your attorney, financial advisor, and CPA to better explain the intricacies of the SECURE 2.0 Act and how it directly affects your estate plan, financial situation and, most importantly, your family.
Talk to our Florida Estate Planning Attorney
If you need to make changes to your Florida estate plan because of The SECURE 2.0 Act, please get in touch with estate planning attorney Anthony J. Dimora at Woodward, Pires & Lombardo. P.A. today. Call (239) 394-5161 or see www.wpl-legal.com.
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