How SECURE 2.0 Might Change Retirement

-Bipartisan Backed Retirement Legislation-

Provided by Marc Aarons

The SECURE Act of 2019 represented the biggest update to retirement law in over a decade, designed to grow American’s savings. 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 (Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg).

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 and their future.

Marc Aarons may be reached at 714-887-8000 or marc@ocmoneymanagers.com

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