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Key Changes From SECURE Act 2.0

By Sidney Kess
New York Law Journal
January 27, 2023

In 2019, the SECURE Act introduced a number of changes to rules for retirement plans and IRAs. Now SECURE Act 2.0, which was included in the Consolidated Appropriations Act, 2023, has more than 90 provisions impacting retirement plans and IRAs. These changes include something for everyone … low- and modest-income individuals, wealthy people, small businesses, and others. It became law on Dec. 29, 2022, but many of the provisions do not come into effect until 2024 or even much later. The following is a year-by-year overview of key provisions that may affect you, your family members, and your practice. Because some effective dates are expressed in terms of taxable years or plan years, for simplicity here it is assumed that taxpayers and qualified retirement plans are on a calendar year.

Changes effective before or in 2023

Individuals and businesses need to acclimate to new rules effective this year.

Increased starting age for RMDs. For 2022, the starting age for taking required minimum distributions was 72. This year, anyone who turns age 72 after 2022 has a starting age of 73. Looking ahead, the age will jump to 75 in 2033 for those who attain age 74 on or after Jan. 1, 2033.


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