Ep 166: SECURE Act 2.0 - RMD & Roth Changes (Part 1)

Phil's Tax Hacks · Jan 12, 2023 · 19m

Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up.

Here’s some of what you’ll learn on this episode:

RMD age extended to age 73 for some and 75 for others. (1:05)

The RMD penalty has been reduced. (3:35)

There are no longer RMDs for any Roth account (5:09)

Catch-up contributions to company plans will have to do into the Roth for high-income earners…