New year, new retirement strategies! Find out how the Secure 2.0 Act changes the game for your future savings. Tune in now!
The landscape of retirement planning is continuously evolving, and staying abreast of the latest legislative changes is crucial for anyone looking to secure a comfortable future.
In this episode, Paula tackles the Secure 2.0 Act, a piece of legislation set to reshape retirement savings starting in 2024. It is a focal point for individuals aiming to maximize their financial potential. The Act introduces a groundbreaking opportunity for those grappling with student loans. Employers can now match their employee's student loan payments with contributions to their retirement plan. Furthermore, the Secure 2.0 Act establishes provisions for emergency withdrawals. Previously, taking funds from a retirement account before reaching a certain age would incur a hefty penalty. Another significant development is the introduction of emergency savings accounts tied to retirement plans.
The Secure 2.0 Act has intricacies that can profoundly impact individual retirement strategies. It is imperative to consult with financial advisors and tax professionals to fully understand how these changes apply to personal circumstances.
Episode highlights:
(0:00) Intro
(1:09) Changes in the SECURE Act
(2:59) Emergency savings account
(4:55) Clarifications to RMD ages
(5:59) The 529 plan
(7:09) Employer issues
(8:03) Qualified charitable distributions
(9:05) Provision for catch-up contributions on a Roth basis
(10:18) Outro
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Reach Paula at paula@paulachristine.com or through her website, https://paulachristine.com/.