Description
Nearly 3 years to the day after its predecessor was passed, the U.S. House of Representatives passed the Consolidated Appropriations Act of 2023, an omnibus spending bill that includes the much anticipated and long-awaited retirement bill known as SECURE Act 2.0. While one of the biggest headlines of the new Act was the raise of the Required Minimum age, it’s far from the only change. The impact of this Act stretches across what feels like every part of retirement planning; from new measures to encourage increased savings, a renewed focus towards Roth IRA and Roth accounts in employer retirement plans, enhancing access to retirement funds during times of need, all the way to creating new rules surrounding annuities in retirement accounts and the introduction of ETFs within variable products.
There are far more provisions in SECURE 2.0 that may have a significant impact for some clients than there were in the original version. With such large changes comes new opportunities but navigating SECURE 2.0 may just prove more challenging than its predecessor for financial advisors and other professionals. In this session, attendees will learn about some of the key changes made by SECURE Act 2.0, exploring both the new challenges, and planning opportunities, each create.
Learning Objectives
• Understand how the Consolidated Appropriations Act of 2023 (“Secure Act 2.0”) impacts Required Minimum Distributions (RMDs) for those born after 1950, as well as beneficiary RMDs including the options for surviving-spouse beneficiaries.
• Explore the many impacts to both Roth IRAs and Roth Accounts within Employer Plans, as well as review the introduction of the 529-to-Roth IRA transfer opportunity.
• Discover the ways SECURE Act 2.0 encourages savings through new Catch-Up Contribution limits, and Retro-Deferral Rules fir Sole Proprietors
• Discuss the impacts the Act has on the insurance industry and RMDs related to annuities.
• Review some of the areas SECURE Act 2.0 did not impact.