SECURE Act 2.0 | Important changes that you need to know for retirement
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- Опубликовано: 22 май 2024
- The SECURE Act "2.0" has finally been released and it brings some of the biggest changes and impact to retirees to date. In this video, Thiago Glieger discusses some of the most important changes that will impact retirees across the nation, and how you should be addressing each new change going forward. #retirementplanning #fersretirement #federalemployees
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0:00 Understanding the rule
1:10 Most anticipated change
1:49 RMD chart
2:21 Tax Planning Window
3:43 Penalties
4:29 Roth changes
5:18 529 changes
6:51 Spousal changes
9:19 IRA catch-up contribution
10:09 Roth RMDs
10:49 Roth matching contributions
11:29 $145K income and over restrictions
12:00 Catch-up for 60 and older
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#retirementplanning #fersretirement #federalemployees
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Хобби
Great video, thanks!
Glad you liked it!
The $145k salary - is the gross salary, or AFTER deductions (taxes, 401k contribution, charity contributions (CFC), healthcare costs)
They are already talking about what will be in Secure Act 3.0. It will likely expand the auto-enrollment to all existing retirement plans, which were "grandfathered" in this bill. Also, care-givers, defined as workers who drop out of the workforce for a few years to care for family members will likely be permitted to make catch-up contributions when they return to the workforce.
Great catch, thanks for adding! Love the catch-up for caregivers. We've had one of our team members have to assume this responsibility for a period of time; it's full-time and then some!
@@TheFedCorner Also, in Secure 2.0 there is an "option" for employers to look at student loan payments made by the employee as a 401K contribution (even though it is not) and provide a "matching contribution" to the 401K. Whether or not that is fair or equitable to other employees is another matter, but it is in the bill.
Fantastic video. Thank you very much for explaining Secure 2.0 in more depth.
Glad it was helpful!
I was born April 2, 1951. My RMD age is 73. Can I wait until December 2023 to apply? If not, when do you suggest I start?
Hi Paula - the IRS says that you must take your _first_ RMD BY April of the year following the year in which you hit your RMD age. It is generally preferable to take it in the same year of your RMD age, so that you don't have two RMDs the following year (first one by April, then another by year end). You don't need to apply to take RMDs, you must simply take the money out of your retirement account. Since you're not yet of RMD age this year, you shouldn't have an RMD for 2023. Deciding _when_ to take your RMD will depend on various details about your finances. But you can make distributions from retirement accounts as soon as you're eligible. Hope this helps. -TG
WAY TOO COMPLCATED!!! Need a much simpler explanation that explains all of the terminology. Some of us have NO IDEA what you're saying!!!
Thank you for bringing this to our attention! We're sorry if we didn't define things as clearly as we would have liked. We'll keep this in mind going forward. If you'd like, feel free to send any of your questions or points that need clarity to info@rmgadvisors(DOT)com and we'll make sure Thiago responds personally to you!