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Secure Act 2.0 Updates For Young Adults & Those Still Working

You may have heard in the news that the Secure Act 2.0 was passed right before New Year’s. As always, we try to be proactive and notify you of any changes that could impact your financial plan. 2023: 401(k)/403(b) updates 1. The max contribution limit has increased for 2023 and the “catch-up” for those of 50 means you can now save $30k/year 2. If your employer amends their plan to do this, you could request that their match - go into your Roth 401(k) as opposed to your traditional 401(k). 3. SEP IRA and SIMPLE IRA participants will now have a Roth option in their plans 2024: 1. Catch-up contributions for those over 50+ AND making over $145k will HAVE to go into a Roth 401(k). 2. There will be an emergency savings account within retirement plans. Essentially, you can access a small balance without incurring a 10% penalty. 3. Student loan payments can be treated as retirement contributions so that they can receive matching contributions from their employer. 2025: 1. There will be additional “catch-up opportunities” for ages 60-63 2. Employers will be forced to AUTO ENROLL new employees and certain part-time employees into their 401(k) plans (with a pre-set 3% contribution rate). For more information and resources on the Secure Act 2.0, check out our blog: https://www.haasfinancialgroup.com/bl... Investment Advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Great Valley Advisor Group and Haas Financial Group are separate entities. This is not intended to be used as tax or legal advice. Please consult a tax or legal professional for specific information and advice. Tracking # T005368