2022 EP0409 - Rodney Harris - Secure Act

Changing Retirement Rules (Again)

Just like its predecessor, the "SECURE Act", the new #SECUREAct2.0 which passed through the House on a broadly bipartisan vote, aims to further change the rules, laws, and regulations about your retirement accounts.   The original #SECUREAct of 2019 delayed #RMD requirements for 1.5 years but, also did away with the potential for generational account growth and tax deferral. It requires that all Qualified, tax-deferred retirement accounts passed to the next generation be liquidated within 10 years. Now, SECURE Act 2.0 makes further changes. It proposes pushing back Required Minimum Distributions even further, eventually to 75, but also opens the door to the potential for options to be included in 401(k)'s that will require very careful consideration and may result in losing control of your retirement savings.   Here is a link to a quick summary overview: https://www.fa-mag.com/news/house-passes-secure-2-0-with-provision-raising-rmd-age-to-75-67120.html   Listen as @RodneyHarris discusses what you need to know and how to plan for these changes.
  #RetirementPlanning