Bergland logo

SECURE Act 2.0 Overview

How does The SECURE Act 2.0 impact me?
The SECURE Act 2.0 is the latest legislation governing qualified plan rules, including Required Minimum Distributions.

One important highlight is the new Required Minimum Distribution starting age 73, effective this year, for persons born between 1951 and 1959. For persons born in 1960 or later, the RMD begins at age 75.

There are other provisions which may not have an impact but are worth mentioning. For instance, retirement plans are permitted to take a penalty-free distribution of $2,500 for long-term care insurance premiums. Victims of domestic abuse may be eligible to access retirement plans for penalty-free distributions up to $10,000. Persons may rollover 529 Plans to Roth IRAs without incurring a penalty. Persons may access retirement plans following a federally declared disaster.

The following link provides access to a 2-page flowchart that, while not exhaustive, provides a summary of how you may be impacted by The Secure Act 2.0: What Important Issues Should I Consider Regarding Changes Made By The SECURE Act 2.0?

Don't Miss the Monthly Mind Games Video