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Additional Articles
Secure 2.0 Act Delays RMD’s & Reduces the RMD Penalty
Several retirement provisions collectively known as the Secure 2.0 Act where included in the Consolidated Appropriations Act of 2023 signed into law on December 29, 2022. Two of these provisions raised the age of required minimum distributions (RMD’s) from traditional IRAs and workplace retirement plans in two steps over the next ten years. Another provision reduces the penalty for failing to take RMDs as required in half. These increases to the starting age of RMD’s can be helpful today but may cause more tax pain in the future.
Retroactive Widow Benefits
The intersection of the Social Security Administration’s Retirement Benefits, Widow Benefits, and Retroactive Benefits is where recently widowed spouses can often find themselves lost. It is important to understand the Social Security claiming options available to the recently widowed and how to optimize these options to best serve the widow’s financial situation. Timing is important to ensure that eligible benefits are not missed due to a late filing.
Secure 2.0 Act Opens Door to Tax-Free Rollovers from 529 Plans to Roth IRAs
The Consolidated Appropriations Act of 2023 is now in place and includes several retirement provisions collectively known as the Secure 2.0 Act. One of these provisions is the ability to make tax-free rollovers from 529 plans to Roth IRAs beginning in 2024. This new option should relieve concerns around the potential of having excess or left-over funds in 529 plans.