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MAJOR Changes to RMDs Coming? (RMD Age to 75)

Do you know how your tax plan changes if SECURE Act 2.0 passes and your RMD starting age updates to 73, 74, or 75? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to https://www.safeguardinvest.com/contact. The Securing a Strong Retirement Act of 2022, otherwise known as SECURE Act 2.0, recently passed the house of representatives. If put into law, this bill would mean significant changes for retirees. For instance, one of the most discussed parts of this bill are the changes expected for Required Minimum Distributions. With the recent SECURE Act of 2019, your RMD starting age was pushed back from 70 1/2 to 72. Well, SECURE Act 2.0 would make yet another change to this RMD starting age. In fact, it would create three separate RMD starting ages: ✅ RMD Age 73 ✅ RMD Age 74 ✅ RMD Age 75 Now creating three RMD starting age zones may really create some added complexity. Your applicable RMD starting age will depend on the year you were born. Many retirees have seen the headline that RMDs are updating to begiat 75 and therefore that is the corresponding year for their situation. NOT SO FAST! Your RMD age may be 72, 73, or 74. Understanding your group will be very important to avoiding an RMD penalty. And speaking of RMD penalties, this brings us to the next big change we expect with SECURE Act 2.0, a change in the RMD penalty. Right now, if you make an RMD mistake, you will have a 50% RMD penalty. This is one of the harshest penalties in the tax code. Luckily this bill would lower this RMD penalty to 25%. Still a large penalty but a step in the right direction. There are a few other important changes that will be important to understand as a retiree. Now, this bill is not law yet but may be soon. There are three retirement bills in Congress right now with many overlapping features. Changes are likely coming and preparing yourself will be important in the coming months. Watch this video to learn just what these changes entail... 0:00 SECURE Act 2.0 Passes the House 0:49 RMDs to Begin at Age 75? 1:24 3 New Starting RMD Age Groups 2:42 Reduction in the RMD Penalty 3:33 Adjustments to Retirement Contributions 4:23 Additional Catch-Up Contribution Zone for Ages 62, 63, 64 5:05 QCD Inflation Adjustment 5:33 What to do about this SECURE Act 2.0 Bill? #RMD #TaxPlanning #SECUREACT2.0 - - - - - - - - - - - - - - - - - Always remember, "You Don't Need More Money; You Need a Better Plan" 🍿 Subscribe to our channel: https://www.youtube.com/channel/UCVMA... 🏆 Join our 'Retirement Mastery' Facebook Group: https://bit.ly/retirement-mastery-group 📈 Talk with us about your retirement plan here: https://www.safeguardinvest.com/contact 📚 The New 60/40: How the Next Generation of Retirees Can Achieve Radical Financial Freedom through Better Safe Investing - https://www.amazon.com/New-60-Generat... Safeguard Wealth Management is a Registered Investment Advisor in the State of WI. Safeguard Wealth Management is not an insurance provider. All content on Youtube is for informational purposes only and should not be taken as personal advice for your situation. You can read more disclosures at https://www.safeguardinvest.com/fiduc...