Should the SECURE 2.0 Act Change Your Financial Plan?

Beyond Finances

New rules and regulations pushed forward by the SECURE 2.0 Act might impact how your manage your money right now, and into the future. Here's what you need to know.

The SECURE 2.0 Act is a 1.7 trillion dollar spending bill passed by Congress in 2022. This legislation's scope went far beyond "let's adjust how retirement plans work," but the details within the bill did change many rules relating to retirement plans

Therefore, it changed the strategies you need to consider for managing yours as part of your overall financial plan.

This conversation proves the point we make all the time: you have to build a plan that can flex and bend with changing realities. In this case, those changes include:

• Removing the requirement to choose between student loan debt repayment and saving for retirement
• Increasing the options you have for how you use 529 plan savings... and giving you an avenue to roll that money into Roth accounts in the future
• Giving business owners and freelancers the option to choose between traditional and Roth retirement plans
• Adjusting the age you must begin making required minimum distributions from retirement accounts in the future (which can drastically change your savings strategy in the present)
• Letting employees have more control over how they receive employer contributions into retirement plans

If you're ready to check and see if your financial plan needs an update, join us in this conversation about what the SECURE 2.0 Act changed and how it affects your personal finances.