Secure 2.0 Act Overview
New Legislation Addresses Retirement Planning
The SECURE 2.0 Act became law on Dec. 29, 2022. An extension of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, it includes major retirement plan changes designed to strengthen the financial readiness of Americans to retire. For example, SECURE 2.0 raises the age at which individuals must take required minimum distributions (RMDs) and eliminates age limits for traditional IRA contributions.
The changes will be phased in, with some beginning in 2023 and most becoming effective in 2024 and beyond.
Country Club Bank is publishing a series of articles that address the following key components of the Secure 2.0 Act:
- Changes to RMD
- New Retirement Plan Contribution Limits
- Changes to Employer Plans
- Changes to 529 Plans
- Surviving Spouse Benefits and Other Highlights
Please reach out to your Wealth Management representative if you would like to discuss how the Secure 2.0 may impact you.
Some information provided herein may be obtained from outside sources believed to be reliable, but no representation is made as to its accuracy or completeness. This information is intended for discussion purposes only and should not be considered a recommendation. The information contained herein does not constitute legal, tax or investment advice by Country Club Trust Company. For legal, tax or investment advice, the services of a competent professional person or professional organization should be sought. Trust services and investments are not FDIC insured, are not guaranteed by the Trust Company or any Trust Company affiliate, and may lose value. Past performance is no guarantee of future results.