How SECURE 2.0 Might Change Retirement
Provided by MidAmerica Financial Resources
The SECURE Act of 2019 represented the biggest update to retirement law in over a decade. Now, Congress is deliberating on what “SECURE 2.0” legislation might entail.
In March, the House passed the Securing a Strong Retirement Act with a bipartisan 414-5 vote. The Senate is still weighing numerous proposals for their version, the Rise & Shine Act.
Proposals under consideration include:
*Raising the Required Minimum Distribution (RMD) age to 73 (eventually 75)
*Increasing catch-up contributions to $10,000
*Creating Roth versions of SIMPLE and SEP IRAs
Reconciling these bills will take time, but it’s clear that SECURE 2.0 could bring about another raft of significant changes for business owners and employees. As always, we’re keeping an eye out for what you need to know.
MidAmerica Financial Resources may be reached at 618.548.4777 or greg.malan@lpl.com www.mid-america.us
Securities and advisory services offered through LPL Financial, a Registered Investment Adviser, Member FINRA/SIPC.
MidAmerica Financial Resources and Malan Financial Group are separate and unrelated companies to LPL.
This material was prepared by MarketingPro, Inc. for use by MidAmerica Financial Resources.
