New provisions to the SECURE Act in the December 2022 spending bill will help people save more money now, with some changes not starting until 2024 or 2025. Check out these highlights:
- The age increase for Required Minimum Distributions helps high-net-worth retirees.
- Older adults can save extra for retirement with new annual limits in employer plans.
- Student loan payments will qualify for employer match contributions in a retirement account.
- Tax-free and penalty-free rollovers from a 529 plan to Roth IRAs can help distribute unused funds after 15 years.
- Business owners could get a tax credit of up to 100% of startup costs for a company retirement plan and tax credits based on the amount the company contributes to employee accounts.
- SEP and SIMPLE contributions, as well as Qualified Plan Matches, can now be made after tax (ROTH).
Give us a call today at 706-650-9900 to discuss your current needs and retirement planning.
See this Kiplinger article for more information.