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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 Act is estimated to cost $15.7 billion. It is primarily funded through a change to "stretch" IRAs. In the past, non-spouse beneficiaries who inherit IRAs could spread disbursements from the IRA over their lifetime. Under the SECURE Act, disbursements must be collected and taxed within 10 years of the original account holder's death. [8]
The SECURE Act 2.0 expands on all of these provisions, including increasing the RMD age further to 73 in 2022, to 74 in 2029, and to 75 in 2032.
The SECURE Act 2.0 increases this threshold to those age 73 on Jan. 1, 2022, to those age 74 on Jan. 1, 2030, and to those age 75 on Jan. 1, 2033.
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.
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On March 29, the House of Representatives voted 414-5 in favor of the Securing a Strong Retirement Act of 2022. If passed by the Senate, and then signed into law by President Joe Biden, the act ...
In the final weeks of 2022, there are questions about whether Secure Act 2.0 will be approved by Dec.31. The Secure Act 2.0 is an expanded version of the Secure Act of 2019, with the aim being to ...