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No. 4: SECURE 2.0 Increases Catch-Up Contributions Starting January 1, 2025, individuals ages 60 to 63 can make catch-up contributions up to $10,000 a year to a workplace plan.
On December 20, 2022, “Division T - Secure 2.0 Act of 2022” was added to H.R. 2617 (Consolidated Appropriations Act, 2023), incorporating H.R. 2954 into the omnibus bill. The omnibus bill, including Division T, passed the Senate On December 22nd, passed the House on December 23rd, and signed into law by President Joe Biden on December 29, 2022.
The SECURE 2.0 Act (aka, the Securing a Strong Retirement Act 2.0) puts in motion provisions to make retirement savings more straightforward and accessible to a wider range of people.
The House of Representatives has passed Bill H.R. 2954, the Securing a Strong Retirement Act, moving it one step closer to becoming a law, per CNBC. The bill, commonly known as the SECURE Act 2.0,...
Under the SECURE Act, disbursements must be collected and taxed within 10 years of the original account holder's death. [8] This provision shortens the time period in which tax-advantaged accounts can grow and will increase the taxable income of beneficiaries during that ten-year period, generating tax revenue to fund the cost of the law. [3] [10]
The retirement savings legislation, also known as SECURE Act 2.0, expands on the original SECURE Act and includes provisions to boost the required minimum distribution (RMD) age from 72 to 75 over ...
Signed into law by President Joe Biden on December 29, 2022 President Joe Biden signs the Consolidated Appropriations Act of 2023 in St. Croix on December 29, 2022 The Consolidated Appropriations Act, 2023 is a $1.7 trillion omnibus spending bill funding the U.S. federal government for the 2023 fiscal year.
The U.S. House's approval of Secure Act 2.0 should benefit all retirees if the bill gets signed into law, but it could give a particular lift to women, who were disproportionately impacted by the...