Sweeping changes are being proposed to retirement plans! The Secure Act 2.0 is about to be passed and will make changes to your 401k plan, SEP, SIMPLE IRA and other nuances. If passed, this proposal will change RMD (Required Minimum Distribution) age to age 75. However, that will be phased in starting at age 73 and eventually to age 75. This is huge! 401k plan contributions would be auto enrolled once your employment starts. SEP IRA’s and SIMPLE IRA’s would have the option to offer Roth contributions. This is significant because some self-employed workers may make too much money to make a Roth contribution traditionally. The proposal is also making enrollment in a 401k plan automatic. Company matches can now go toward a Roth option instead of a traditional 401k. There are many other items that are being proposed in the Secure Act 2.0. If congress does not act on this before years end it will be pushed until next year and may go through additional changes. However, as it stands now this does have wide bi-partisan support. For the video version of this podcast click here https://youtube.com/watch?v=wqks-LW77SY&feature=shares
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