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10 Ways to Use SECURE Act 2.0 To Your Benefit

RL153 — 10 Ways to Use SECURE Act 2.0 To Your Benefit


On the Retirement Lifestyle Show, Roshan Loungani, Erik Olson, and Adrian Nicholson discuss 10 ways to use SECURE Act 2.0 to your benefit. They cover topics like the latest RMD distribution rules, exciting changes in the new 529 plans, and the best tool for funding charitable giving.


[02:58] Biden Signs SECURE Act 2.0 Into Law

[04:42] What the SECURE Act 2.0 Means for Retirement Plans

[07:19] RMD Age Pushed to Age 73 Starting in 2023

[09:35] What to Expect from the New RMD Distribution Rules

[11:50] How the SECURE Act 2.0 Makes 529 Plans More Valuable

[13:06] How to Use and Get the Most Out of 529 Plans

[15:35] Exciting New Changes Coming To 529 Plans

[19:01] Advantages of Seeking Professional Financial Advice

[21:04] Understanding Employer-sponsored Retirement Accounts

[25:35] SECURE 2.0 Act and Student Loan Matching

[27:20] Retirement Planning Penalties to Avoid

[29:25] The Best Tool for Funding Charitable Giving

[32:02] The Retirement Savings Lost & Found Department

[34:47] Parting Thoughts


For more links and the full show notes keep scrolling down!


Roshan Loungani can be reached at roshan.loungani@aretewealth.com or at 202-536-4468.


Erik Olson can be reached at erik.olson@aretewealth.com or 815-940-4652.


Adrian Nicholson can be reached at adrian.nicholson@aretewealth.com or at 703-915-8905.

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Full Show Notes:


RMD Age Pushed to Age 73 Starting in 2023

In December 2022, Congress passed the Secure Act 2.0. The act moved the required minimum distribution (RMD) age from 72 to 73 starting in 2023. They also sweetened the deal by extending the RMD start age to 75, beginning in 2033. So if you were born anywhere between 1951 and 1959, your new RMD start age will be 73. And gets better if you were born in 1960 or later because now your new RMD start age will be 75. So that's a tremendous planning opportunity because if you were thinking about working longer for whatever reason, your actions might limit the window of opportunity you get to do Roth conversions. But if you can now move that to age 75, that just gives you a greater window to do some of those Roth conversions.


SECURE 2.0 Act and Student Loan Matching

Student loans can be a heavy burden, especially when planning for retirement. Many people repaying their student debts are normally not able to contribute to employer retirement accounts. This means they miss out on employer matching opportunities or making crucial retirement contributions as soon as possible. The good news is the SECURE Act 2.0 just came out with something really interesting. In 2024, if you have student loan debt and you're paying that down, your employer can make matching contributions to what you're paying to your student loan debt to a retirement account for you. That is welcome news for people torn between paying student loans, saving for retirement, or hitting their financial goals.

All opinions expressed by podcast hosts and guests are solely their own. While based on information that they believe is reliable, neither Arete Wealth nor its affiliates warrant its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only, and should not be regarded as specific advice or recommendations for any individual. Before making any decisions, consult a professional.

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