The Secure Act 2.0 has been approved by Congress and is awaiting President Biden’s signature into law.

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There is late breaking tax & retirement planning news:

The Secure Act 2.0 has been approved by Congress and is awaiting President Biden’s signature into law.

This new law expands upon The Secure Act 1.0 which was approved in December of 2019. Some of the highlights are:

  • Extended the RMD age to age 73
  • Reduced the penalty for missing an RMD
  • Allows employer matching to the Roth
  • Increased the contribution to a QLAC
  • Increased retirement plan catch-up contributions for those age 60-63 in 2025
  • Allows a 529 to Roth IRA rollover starting in 2024
  • Creates Roth SEP IRA or SIMPLE IRA options

Allows for a $50,000 IRA Charitable Rollover to a Charitable Gift Annuity or Charitable Remainder Trust