SECURE 2.0 Offers New Options for 529 Plans and Student Loan Payments
Jun 1, 2023 12:30:00 PM
written by
The Retirement Group
The first provision allows for tax- and penalty-free rollovers from a 529 plan to a Roth IRA. The second provision allows student loan payments made by employees to qualify for employer retirement matching contributions. The overall goal is to help young adults start saving for retirement.
Read More
posted in Financial Planning, Student Loans, 2023, SECURE Act, 529 Plans
SECURE 2.0 Helps Small Employers Help Their Employees
May 13, 2023 12:00:00 PM
written by
The Retirement Group
Read More
posted in Financial Planning, Employer, 2023, SECURE Act
SECURE 2.0 Adds New Early Withdrawal Exceptions
Apr 13, 2023 12:09:00 PM
written by
The Retirement Group
The 10% penalty tax generally applies to withdrawals prior to age 59½ from IRAs, employer-sponsored plans [such as 401(k) and 403(b) plans], and traditional pension plans, unless an exception applies. The penalty is assessed on top of ordinary income taxes.
Read More
posted in Financial Planning, Withdrawal, 2023, SECURE Act
Five Ways SECURE 2.0 Changes the Required Minimum Distribution Rules
Feb 17, 2023 9:18:20 AM
written by
The Retirement Group
The SECURE 2.0 legislation included in the $1.7 trillion appropriations bill passed late last year builds on changes established by the original Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) enacted in 2019. SECURE 2.0 includes significant changes to the rules that apply to required minimum distributions from IRAs and employer retirement plans. Here's what you need to know.
Read More
posted in Financial Planning, Retirement, RMDs, IRS, SECURE Act
Retirement Investors Get Another Boost from Washington
Dec 29, 2022 3:36:23 PM
written by
The Retirement Group
Amid the 1,650-page, $1.7 trillion omnibus spending legislation passed by Congress last week and expected to be signed by President Biden were several provisions affecting work-sponsored retirement plans and, to a lesser degree, IRAs. Dubbed the SECURE 2.0 Act of 2022 after the similarly sweeping Setting Every Community Up for Retirement Enhancement Act passed in 2019, the legislation is designed to improve the current and future state of retiree income in the United States.
Read More
posted in Financial Planning, 2022, SECURE Act