{"id":4555,"date":"2023-12-05T11:14:47","date_gmt":"2023-12-05T17:14:47","guid":{"rendered":"https:\/\/kramerwealth.com\/?p=4555"},"modified":"2024-01-24T09:49:03","modified_gmt":"2024-01-24T15:49:03","slug":"secure-act-2-0-summary-of-different-changes","status":"publish","type":"post","link":"https:\/\/kramerwealth.com\/secure-act-2-0-summary-of-different-changes\/","title":{"rendered":"SECURE Act 2.0: Summary of Different Changes"},"content":{"rendered":"<p class=\"responsive-video-wrap clr\"><iframe title=\"SECURE Act 2.0 Summary of Different Changes\" src=\"https:\/\/player.vimeo.com\/video\/890394096?dnt=1&amp;app_id=122963\" width=\"1200\" height=\"675\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">In this vlog, I will provide a summary of the key changes introduced by the SECURE Act 2.0 law I mentioned throughout this year. You can find all the vlogs about t hose changes on our website.\u00a0<\/span><\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Required Minimum Distribution (RMD):<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">RMD starting age changed to 73 for those turning 73 between 2023-2032.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">For those turning 73 in 2033 and beyond, RMD starts at 75.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Penalty for missed RMD reduced from 50% to 25%, potentially waived under specific conditions.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">529 Plan Rollovers to Roth IRAs:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Beneficiaries can roll over up to $35,000 from 529 plans to Roth IRAs during their lifetime.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expanded Roth Contributions:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Employers can now allow contributions of employer matching and non-elective contributions to Roth accounts. However, it would be taxable to the employee.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Elimination of RMDs for Roth Accounts within Employer Retirement Plans:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">RMD obligation removed for employer retirement plan Roth accounts.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Catch-Up Contributions:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Increased catch-up contribution amounts for those over 50.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Starting in 2026, those earning over $145,000 must make catch-up contributions to after-tax Roth. (Note: our previous vlog said it would start 2024 but the US Treasury delayed to 2026)<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ABLE Account:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Eligibility expanded; anyone disabled before age 46 can open an ABLE Account from 2026 onwards.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expand 401(k) and 403(b) Automatic Enrollment:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Automatic enrollment required for new plans starting in 2025.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Exception for small businesses, new businesses &lt;3 years old, churches, and governmental plans.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annuities in 401(k) Plans:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">SECURE Act 2.0 allows inclusion of annuity options in plans, with changes to regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Qualified Longevity Annuity Contract (QLAC) Contributions increased to $200,000.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Student Loan Matching Program:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Employers can make matching contributions based on employee&#8217;s student debt repayments to encourage retirement savings.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Retirement Savings Lost and Found Database:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">The U.S. Department of Labor is directed to create a national online lost and found database for locating retirement accounts.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Have questions about the SECURE Act 2.0 changes? Feel free to reach out anytime\u2014we&#8217;re here to help and discuss!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this vlog, I will provide a summary of the key changes introduced by the SECURE Act 2.0 law I mentioned throughout this year. You can find all the vlogs about t hose changes on our website.\u00a0 Required Minimum Distribution (RMD): RMD starting age changed to 73 for those turning 73 between 2023-2032. For those [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":4565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[20,16],"tags":[34,40],"acf":[],"_links":{"self":[{"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/posts\/4555"}],"collection":[{"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/comments?post=4555"}],"version-history":[{"count":5,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/posts\/4555\/revisions"}],"predecessor-version":[{"id":4563,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/posts\/4555\/revisions\/4563"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/media\/4565"}],"wp:attachment":[{"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/media?parent=4555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/categories?post=4555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/tags?post=4555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}