There are three main provisions of the SECURE Act 2.0 that sophisticated taxpayers need to understand.
Signed into law in December 2022, the SECURE Act 2.0 aims to close gaps across the retirement system and help Americans better save for their future financial needs. In an ever-evolving financial and retirement planning landscape, many of the act’s key provisions attempt to solve for obstacles that have historically made it difficult to balance current financial needs with retirement planning.
Key changes in SECURE 2.0
There are three main provisions of the SECURE Act 2.0 that sophisticated taxpayers need to understand:
Changes to RMDs
There are three RMD changes which you should be aware:
“Rothification” of catch-up contributions
529 accounts can be rolled over to a Roth IRA
These are just a few of the 92 provisions in the SECURE Act 2.0 that will impact how Americans save for retirement. For more information, connect with your PFM advisor. Don’t have an advisor? Contact us to learn more.
United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”) is a registered investment adviser and an affiliate of Goldman Sachs & Co. LLC and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization.
The information contained herein is intended for informational purposes only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. GS PFM does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances. Please contact your financial adviser with questions about your specific needs and circumstances.
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