The Tax Adviser has published an article, “’SECURE 2.0’ would further expand retirement savings options,” which discusses the ‘SECURE 2.0’ act and the bill’s provisions that are intended to expand coverage and increase retirement savings. The article begins as follows:
An eventual extension to 75 as the age by which retirees must withdraw required minimum distributions (RMDs) from requirement accounts and automatic enrollment of workers in employer plans are among the many ways a bill that has passed the House would expand coverage and use of tax-favored retirement savings.
The Securing a Strong Retirement Act, H.R. 2954, has been called “SECURE 2.0” because it builds upon the similarly broad reforms of the 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act, P.L. 116-94. For example, the SECURE Act increased the RMD beginning age to its current 72 from the previous 70½, which the latest legislation would further increase.
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Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal