The pros and cons of turning your home into a rental
If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and...
2 min read
Maurice La Verdure : Jan 16, 2023 7:58:01 AM
A new law was recently signed to help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022.
SECURE 2.0 is meant to build on the original SECURE Act of 2019, which made major changes to the required minimum distribution (RMD) rules and other retirement provisions.
Here are some of the significant retirement plan changes and when they’ll become effective:
Non-retirement plan provision
There are also some parts of the law that aren’t related to retirement plans, including a change to Achieving a Better Life Experience (ABLE) accounts. Tax-exempt ABLE programs are established by states to assist individuals with disabilities. Currently, in order to be the beneficiary of an ABLE account, an individual’s disability or blindness must have occurred before age 26. SECURE 2.0 increases this age limit to 46, which will make more people eligible to benefit from an ABLE account. This provision is effective for tax years beginning after December 31, 2025.
Just the beginning
These are only some of the many provisions in SECURE 2.0. Contact us if you have any questions about your situation.
© 2023
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