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Category: Retirement 401k 529

What changes are coming to your retirement plan?

What changes are coming to your retirement plan

Posted By Lineweaver Financial Group
January 06, 2023 Category: Retirement 401k 529

After President Biden signed the omnibus spending package into law, there are new retirement rules coming down the pipeline that could make it easier to build up retirement savings – and less costly to withdraw them. Among other items, the Secure 2.0 Act will do the following: Requiring automatic 401(k) enrollment: Employers would be required to automatically enroll employees in their 401(k) plan at a rate of at least 3% but not more than 10%. Businesses with 10 or fewer workers and new companies in business for less than three years are among those that would be excluded from the mandate.   Increasing the age when RMDs would need to start: The current bill would increase the age to start your required minimum distributions from age 72 to age 73 in 2023 and then to age 75 in 2033. Additionally, the penalty for failing to take RMDs would be reduced to 25%, and 10% in some cases from the current 50%.   Creating bigger “catch-up” contributions for older retirement savers: Under current law, you can put an extra $6,500 annually in your 401(k) once you reach age 50. Secure 2.0 would increase the limit to $10,000, or 50% more than the regular catch-up amount, starting in 2025 for savers ages 60 to 63. Catch-up amounts also would be indexed for inflation. Additionally, all catch-up contributions will be subject to Roth treatment – meaning contributions are made with after-tax funds – except for workers who earn $145,000 or

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