The SECURE 2.0 Act of 2022 made simple

*Description generated using AI *please excuse any grammatical errors

In this episode of the Money PIG podcast, host Reid Trego and Rory Glatt, CFP® professional, discuss the Secure Act 2.0, a $1.7 trillion omnibus bill that includes changes to retirement accounts and contributions. They specifically focus on changes to Required Minimum Distributions (RMDs), catch-up contributions, and 529 plans. RMD ages have been pushed back, which can potentially put individuals in higher tax brackets later in life; however, there are planning opportunities like Qualified Charitable Distributions (QCDs) that could help lower taxes paid on RMDs. Catch-up contribution limits have also increased for both IRAs and 401(k)s/403(b)s starting in 2024. Lastly, they talk about how 529 plans can now be converted into Roth IRAs for children but only if the plan has existed for at least 15 years with guidelines set by the government surrounding this change.

Reid and Rory discuss the rules for converting a 529 plan to a Roth IRA, including limitations on contributions and beneficiary requirements. The maximum lifetime transfer limit is $35,000. Further changes are coming in 2023-2025, such as companies offering retirement plans being required to enroll employees at a specified contribution level and making accounts more portable when changing jobs.

If you would like to connect with an advisor on our wealth management team to discuss the implications of the SECURE Act and how it could potentially affect your retirement plan, please schedule a free intro call here.

The Money PIG podcast is hosted by Reid Trego. Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

For personalized financial guidance, schedule an intro call with our team at Goodwin Investment Advisory in Woodstock, Georgia . Our CFP® professionals can provide advice and help you navigate how to invest your wealth and plan for your retirement. We’d love to help you live out your legacy! To learn more about the benefits and services we offer click here.

Goodwin Investment Advisory is an SEC-registered investment adviser (CRD #131193), and this episode is produced by evanced.net. This podcast is for informational purposes only and is not investment advice or a recommendation to buy or sell any financial products, securities, digital assets, or other investments. It should not be used as the basis for any financial decisions. The host and/or guests may personally hold investments mentioned in this episode. All investments involve risk, and past performance does not guarantee future results. Please consult with a qualified financial adviser, tax professional, and attorney before taking action on any information shared.

By Tim GoodwinPublished On: June 14th, 2023