58: Secure Act 2.0: New Retirement Account Rules, Same Old Message!

Take Back Retirement

Believe it or not, the IRS wants you to save for retirement. To that end, they’re always trying to come up with new tax breaks—not to mention very specific conditions you need to meet in order to enjoy those tax breaks!

This brings us to the topic of today’s conversation: the introduction of Secure Act 2.0, a new law ushering in changes to rules and parameters related to retirement accounts.

Listen in as Stephanie and Kevin discuss the highlights of this Secure Act 2.0, offering insights on how you can continue saving for your dream retirement in light of this new law!

Key Topics:

• How the government incentivizes you to put money away for your future (1:58)
• About Secure Act 2.0 (3:21)
• An increase in access to Roth accounts (4:20)
• Required minimum distributions around retirement plans (6:52)
• Inherited/beneficiary IRAs (11:15)
• Secure Act 2.0 and RMD penalties (14:51)
• Catch-up contributions (20:16)
• 529 plans (college savings plans) and Roth IRAs (26:50)
• Questions to ask yourself to make better savings/investment-related decisions (31:45)

Resources:

• Take Back Retirement ep. 27: Health Savings Accounts (HSA’s): What Women Need to Know
• The 10 Most Important Things Secure 2.0 Will Do for Your Retirement, in Plain English (article)
• Ed Slott: Pay Attention! Secure 2.0 Dates Are ‘All Over the Place’ (Article)

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You can find the transcript and more information about this episode at www.takebackretirement.com.

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