New Legislation: What is the Secure Act 2.0 & What Does it Mean for You?
We’ve got you covered as new legislation has been passed which will take effect in 2024. This includes the Secure Act 2.0, which has over 90 provisions that could affect your taxes and financial plan.
In this solo episode, Kendall will let you in on the major changes from this legislation and how that could impact you today!
Because there are so many changes with this legislation, both big and small, be sure to meet with your financial advisor to see what these changes mean for you specifically.
We hope this episode is a support to you as you plan for your financial future. Thank you for watching and listening!
1) You will need to opt-out instead of opt-in to employer retirement plans. The Secure Act 2.0 has made it mandatory for employees to be enrolled in the company retirement plan. You can still opt-out, but you will have to let your employer know. This automatic enrollment also includes a mandatory 1% increase each year.
2) Minimum distribution age increased to 73. This has taken effect as of January, so if you were planning on starting your required minimum distributions this year, you should meet with your financial advisor as the age has increased and you may no longer have to.
3) Student loan payments will make you eligible for a 401(k) match from your employer. If you are just entering the workforce out of college, you know how hard it can be to save for retirement while still paying for your student loans. Starting in 2024, your student loan payments may be eligible for a match into a 401(k) paid for by your employer. There are a lot of rules and disclaimers, so be sure to check with an advisor on how to take advantage of this benefit!
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