{"id":10257,"date":"2023-01-26T09:08:15","date_gmt":"2023-01-26T14:08:15","guid":{"rendered":"https:\/\/rixtrema.com\/blog\/?p=10257"},"modified":"2023-02-01T11:47:00","modified_gmt":"2023-02-01T16:47:00","slug":"the-secure-act-2-0-is-now-law","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/the-secure-act-2-0-is-now-law\/","title":{"rendered":"The SECURE ACT 2.0 Is Now Law<\/strong>"},"content":{"rendered":"\n
<\/div>\n\n\n\n

After some concerns it would not get passed in time, but with no <\/span>\u2018controversy on substance\u2019<\/span><\/a>, the SECURE ACT 2.0 is now law. Now with the January 3rd deadline met, financial advisors, plan sponsors and ordinary Americans can expect significant changes to the rules around retirement. Whether it will transform the majority of American lives, after leaving work, remains to be seen. For now at least, millions of workers across the US will see a big shift in how they prepare for life after work.<\/span><\/p>\n

Here are 5 important provisions from the <\/span>SECURE ACT 2.0<\/span><\/a> likely to be rolled out : <\/span><\/p>\n



<\/b><\/p>\n

Matching Contributions Based Off Student Loan Repayments<\/b><\/h3>\n

Matching contributions are of course voluntary but the general idea is that employees don\u2019t have to choose between student loan repayments and topping up their retirement plans. Employers can now make a matching contribution into their 401(k).<\/span><\/p>\n


<\/b><\/p>\n

Streamlined Roll-Over Process<\/b><\/h3>\n

Good news and bad news, if you\u2019re fed up with the byzantine roll-over process the SECURE ACT 2.0 is now requiring the Treasury Secretary to standardize the process with sample forms. The bad news is that this probably won\u2019t be put in place until 2025.<\/span><\/p>\n

 <\/h3>\n

Increased RMD age<\/b><\/h3>\n

This year retirees are required to make RMDs at 73 years old, and then 75 in 2033. This does not include non-Roth tax-deferred retirement accounts.<\/span>
<\/b><\/p>\n

 <\/p>\n

Catch-up Contribution Limits go up<\/b><\/h3>\n

In 2026 catch-up contributions will be indexed by inflation. Before that, in 2025, it will be $10K or 150%, whichever is more, for those aged 60-63 years old.<\/span><\/p>\n


<\/b><\/p>\n

Reduction of Penalty For Failed RMD<\/b><\/h3>\n

This time around the penalty for a missed RMD is less severe; dropping form 50% down <\/span>to 25%, and only 10% if you\u2019re quick about paying. But maybe set a reminder on your <\/span>hone just in case. <\/span><\/p>\n

The SECURE ACT 2.0 does indeed have the power to transform retirement for millions of Americans. However it is the IRS who\u2019ll have to put it into practice so we could see some growing pains with regards to interpretation and application. Furthermore there is still much to be done about the looming crisis of an aging population where as much as 50%<\/span> don\u2019t save at all for retirement<\/span><\/a>. The SECURE ACT 2.0 has no provisions for them. <\/span><\/p>\n

 <\/p>\n

At RiXtrema, we help financial professionals enhance the services they offer their clients, and portfolios. Our Portfolio Crash Testing<\/a> tool gives everyone the opportunity to grow their finances at the level of risk they can tolerate.<\/span><\/i><\/p>\n

Sign up<\/a> for a free demo TODAY!<\/span><\/i><\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

After some concerns it would not get passed in time, but with no \u2018controversy on substance\u2019, the SECURE ACT 2.0 is now law.<\/p>\n","protected":false},"author":27,"featured_media":10258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[168],"tags":[42,12,2325],"class_list":["post-10257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-401k-plan","tag-financial-advisors","tag-secure-act-2-0"],"jetpack_featured_media_url":"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2023\/01\/The-SECURE-ACT-2.0-Is-Now-Law.jpg","yoast_head":"\nThe SECURE ACT 2.0 Is Now Law<\/title>\n<meta name=\"description\" content=\"After some concerns it would not get passed in time, but with no \u2018controversy on substance\u2019, the SECURE ACT 2.0 is now law.\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rixtrema.com\/blog\/the-secure-act-2-0-is-now-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The SECURE ACT 2.0 Is Now Law\" \/>\n<meta property=\"og:description\" content=\"After some concerns it would not get passed in time, but with no \u2018controversy on substance\u2019, the SECURE ACT 2.0 is now law.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rixtrema.com\/blog\/the-secure-act-2-0-is-now-law\/\" \/>\n<meta property=\"og:site_name\" content=\"RiXtrema.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LarkspurRiXtrema\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-26T14:08:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-01T16:47:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2023\/01\/The-SECURE-ACT-2.0-Is-Now-Law.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1029\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@RiXtrema\" \/>\n<meta name=\"twitter:site\" content=\"@RiXtrema\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"3 minutes\">\n<!-- \/ Yoast SEO Premium plugin. -->","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/10257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/comments?post=10257"}],"version-history":[{"count":4,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/10257\/revisions"}],"predecessor-version":[{"id":10270,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/10257\/revisions\/10270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/media\/10258"}],"wp:attachment":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/media?parent=10257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/categories?post=10257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/tags?post=10257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}