Some potential benefits of the Securing a Strong Retirement Act.
Recently, you may have seen headlines regarding the Securing a Strong Retirement Act, also referred to as the second version of the SECURE Act, or SECURE Act 2.0.
As the bill moves from the House of Representatives to the Senate, many hopeful investors are anticipating further retirement support as the majority of the bill stems from the original SECURE Act of 2019.
However, it’s worth noting that the bill may change drastically before being signed into law. With that in mind, here are some potential benefits of the Securing a Strong Retirement Act.
Required Minimum Distributions: For those who contribute to a 401(k) or IRA, the Securing a Strong Retirement Act may allow you to wait until age 74 to start taking RMDs from your retirement accounts.
Catch-up Contributions: Those who own an IRA and are over age 60 may be allowed to contribute an additional $10,000 per year to their retirement accounts.
Student Loans: Employers may be allowed to match retirement contributions for employees who are paying off student loans.
There’s little doubt the bill will benefit many retirees or those approaching retirement; the only question that remains is “how.” If you have any questions about how this new legislation may impact your retirement strategy, or you just want to chat, give me a call anytime. We’re always here to help.
This information should not be construed by any client or prospective client as the rendering of personalized investment advice. All investments and investment strategies have the potential for profit or loss, and there can be no assurance that the future performance of any specific investment or investment strategy including those discussed in this material will be profitable or equal any historical performance levels. Investment strategies such as asset allocation, diversification, or rebalancing do not assure or guarantee better performance and cannot eliminate the risk of investment losses. Any target referenced is not a prediction or projection of actual investment results and there can be no assurance that any target will be achieved. Stacy Bush is with Bush Wealth Management.
