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, I’m keeping an eye out for what you need to know and will be in touch as events develop. Please contact me if you have questions about planning your retirement.
In this guide, we will explore where your tax dollars go, some of the ways tax filing may look different, and what you can do to prepare.
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