In the final days of 2022, Congress passed a new set of retirement rules designed to make it easier to contribute to retirement plans and access those funds earmarked for retirement. The law is called SECURE 2.0, and it's a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in 2019. The sweeping legislation has dozens of significant provisions, so to help you see what changes may affect you, we broke down the major provisions of the new law into four sections.New Distribution Rules:
New Accumulation Rules:
Revised Roth Rules:
Remember that just because retirement rules have changed does not mean that adjusting your current strategy is appropriate. Each of your retirement assets plays a specific role in your overall financial strategy, so a change to one may require changing another.
Also, retirement rules can change without notice, and there is no guarantee that the treatment of specific rules will remain the same. This article intends to give you a broad overview of SECURE 2.0. It's not intended as a substitute for real-life advice. If changes are appropriate, we will outline an approach and work with your tax and legal professionals, if applicable.
1. Fidelity.com, December 23, 20222. CNBC.com, December 22, 20223. Fidelity.com, December 22, 20224. Fidelity.com, December 22, 20225. Paychex.com, December 30, 20226. PlanSponsor.com, December 27, 20227. CNBC.com, December 23, 20228. Forbes.com, January 5, 20239. Forbes.com, January 5, 202310. Paychex.com, December 30, 202211. FidelityCharitable.org, December 29, 2022
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