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5 Things You Need to Know About Secure Act 2.0
Episode 3615th January 2023 • Dollar Wise Podcast • HFM Investment Advisors, LLC
00:00:00 00:22:16

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You’re probably not going to read the Secure Act 2.0’s ~100 provisions, so we’re telling you the top 5 things you need to know about it even if you’re not retiring. The act is being phased into implementation from 2023 - 2033, we’ll let you know the key dates you need to keep in mind. 

Tune into this episode to also learn: 

  • How the Secure Act 2.0 will affect you 
  • When key aspects of the Secure Act 2.0 will go into effect
  • What you need to know if you aren’t retiring soon 


What we discussed

(00:31) Secure Act 2.0: what you need to know 

(02:02) You must withdraw retirement money by THIS age

(05:16) New catch-up contribution limits 

(08:30) Roth catch-up contribution (more tax free growth)

(11:54) Moving money from 529 to Roth IRA (in 2024)

(14:46) Changes for people not near retirement

(17:49) Pay student loans, get a 401K match

(18:36) Long-term care and military distributions 

3 Things To Remember 

  1. You will have to take money out of your retirement accounts by age 73
  2. Catch-up contributions are going up to $7,500 if you are over 50. Beginning 2023, if you are between 60-63 catchup contributions go up to $10,000
  3. Starting in 2024 you won’t need to worry about putting too much money in your 529 for your child/grandchild because you will eventually be able to roll the money over into their Roth IRA accounts. Tune in at (11:54) for the caveats.

Useful Links

Detailed Secure Act 2.0 Guide

Connect with Jason Gabrieli: LinkedIn

Connect with Catherine Allen-Carlozo: LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite


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