SECURE Act 2.0 | What This Means for Your Retirement Savings

Brandon Baiamonte, MS, CPA, CFE, CFM, CFA® is Mission Wealth’s Director of Tax Strategy. He works to effectively build out and lead the tax department in identifying and developing tax solutions that benefit our client base throughout the country. Brandon loves to both learn and help others. His position gives him the ability to research tax strategies and then work with client advisors and their clients to implement those strategies.

What is The SECURE ACT 2.0?

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was signed into law by President Donald Trump on December 20, 2019, as part of the Further Consolidated Appropriations Act, 2020. The SECURE Act is the first, major retirement-related legislation enacted since the 2006 Pension Protection Act.

SECURE Act 2.0 was signed into law by President Biden on December 29, 2022. This Act is aimed to improve the retirement savings system and has over 90 provisions. We’ll briefly summarize the most important provisions below.

The Required Minimum Distribution (RMD) Age is Now 73

Increased Retirement Options for Business Owners

Additional Employer Contributions to Matching and Non-Elective Contributions

Additional Catch-Up Contributions

Direct Transfers from 529 Plans to Roth IRAs

Surviving Spouse RMD Benefits

Qualified Charitable Distributions (QCD)

Additional Rollover and Emergency Savings Provisions

Mission Wealth Can Help You Retire With Confidence

This may be your first time retiring, but it’s not ours. Careful coordination is required to ensure your retirement income strategy is tax-efficient and sustainable. You will face many decisions when retiring. Let us guide you through your options and come up with a plan.

Mission Wealth’s vision is to provide caring advice that empowers families to achieve their life dreams. Our founders were pioneers in the industry when they embraced the client-first principles of objective advice, comprehensive financial planning, coordination with other professional advisors, and proactive service. We are fiduciaries, and our holistic planning process provides clarity and confidence. For more information on Mission Wealth, please visit missionwealth.com.

To meet with a Mission Wealth financial advisor, contact us today at (805) 882-2360.

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