Scenario Planning

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<h6 style="text-align: right;">Last Updated: December 23, 2024</h6>
You might have heard of the&nbsp;<a href="https://money.usnews.com/money/retirement/iras/articles/what-is-the-secure-act" rel="follow noopener" target="_blank">Secure Act of 2019</a>, which became law in 2020 and changed several rules for long-term retirement savings, such as increasing the RMD age and removing age limits for IRA contributions.
However, additional updates have recently been passed with Secure Act 2.0. This designation references a set of provisions passed in the 2022 Omnibus Bill.&nbsp;
The $1.7 trillion budget bill changes existing legislation&mdash;including the original Secure Act. Many accounts, including tax-advantaged IRAs, 401(k)s and Roth accounts, are impacted by these provisions.
In this class, we&rsquo;ll review the biggest changes to retirement preparation, including the changes that impact both retirees and pre-retirees the most.
Here&rsquo;s what you&rsquo;ll learn:
<ul>
<li>Changes to RMDs, including pushing back the age you must take them, reducing the penalty and excluding Roth 401(k) plans from RMDs.</li>
<li>The ability to make more qualified charitable distributions.</li>
<li>Replacement of a Saver&rsquo;s Credit with a Saver&rsquo;s Match from the federal government.</li>
<li>Catch-up contributions will increase and future contributions will be indexed to inflation. Additionally, participants making over $145,000 will be required to have catch-up contributions designated as after-tax Roth contributions.</li>
<li>Workers might be automatically enrolled in retirement plans in the future.</li>
<li>Penalty-free early withdrawal options for certain circumstances</li>
</ul>

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<h6 style="text-align: right;">Last Updated: December 23, 2024</h6>
For those not ready to retire yet, Secure Act 2.0 adds a few ways for those still saving for retirement to enhance their nest eggs.
<h2>Increases for catch-up contribution limits1</h2>
If you&rsquo;re 50-59 in 2025, you can currently contribute an additional $7,500 to your 401(k). If you&rsquo;re 60-63, you can contribute an additional $11,250 instead.That&rsquo;s on top of the $23,500 annual federal limit in effect this year. Additionally, you can make a catch-up contribution of $1,000 to an IRA.&nbsp;&nbsp;
Here are some of the updates Secure Act 2.0 will provide for your ability to make catch-up contributions:
<ul>
<li>401(k) and 403(b) plans: Starting in 2025, the catch-up contribution will become the greater of $10,000 or 50% more than the catch-up limit for individuals aged 60 to 63. Starting in 2026, the catch-up will be indexed to inflation.</li>
<li>IRAs: As of 2024, the catch-up contribution will be indexed to inflation. The index will start at the current catch-up amount of $1,000.</li>
<li>Tax treatment of catch-up contributions: Starting in 2026, catch-up contributions made by participants earning over $145,000 must be designated as after-tax Roth contributions. For individuals already age 50 and older, you can continue to make catch-up contributions regardless of income.</li>
</ul>
The focus on indexing catch-up contributions and thresholds to inflation provides a way for contributions to increase without Congress needing to revisit the law each time.
<h2>Expanded automatic enrollment2</h2>
Beginning in 2025, Secure Act 2.0 requires employers to enroll all newly eligible employees in a retirement plan automatically. This mostly applies to employer-sponsored plans like 401(k)s and 403(b)s. These rules apply to employers that start plans after Dec. 29, 2022.&nbsp;
The automatic enrollment must be at the 3% level. However, it can be higher if it doesn&rsquo;t exceed 10% of income. Employees can choose to opt-out, but this provides a way to automatically save more for retirement without jumping through opt-in paperwork.&nbsp;
Secure Act 2.0 will also require automatic escalation for plans employers start after Dec. 29, 2022. Each year, the contribution percentage must go up by 1% until the contribution reaches at least 10%. The limit is 15% of eligible wages.&nbsp;
For many pre-retirees, this provision offers a way to automatically save more each year without the need to change a retirement account withholding with the human resources department.
It&rsquo;s important to note that these two provisions are only for plans established after the required dates. Existing workplace retirement plans won&rsquo;t have to establish automatic enrollment or escalation. So, if you&rsquo;re still working and saving up for retirement, make sure you confirm automatic enrollment or escalation if you change jobs.
<h2>Access to retirement funds for emergencies3</h2>
Secure Act 2.0 lets employees withdraw up to $1,000 from their retirement account for emergency expenses without paying the typical 10% tax penalty for early withdrawal if they are under age 59&frac12;. It&rsquo;s important to note that you can only take this withdrawal once per year.&nbsp;
Another important item to understand is that if you don&rsquo;t repay the $1,000 withdrawal within a certain time period, you can&rsquo;t take another emergency distribution for another three years. This provision can help you in a pinch, allowing you to access your retirement account early without worrying about how the taxes might impact you.
Additionally, companies can allow workers to set up an emergency savings account through automatic payroll deductions, with a cap of $2,500. These emergency savings accounts are also allowed to use automatic enrollment. As with automatic enrollment with retirement plans, it&rsquo;s possible for workers to opt-out if they wish.
<h2>Increasing part-time workers&rsquo; access to retirement accounts4&nbsp;</h2>
For years, companies have been required to grant retirement contribution eligibility to employees who work at least 1,000 hours in a year. In order to expand access to part-time employees, the original Secure Act allowed part-time workers with between 500 and 999 hours for three consecutive years to be eligible for their company&rsquo;s 401(k) or other plans.&nbsp;
Secure 2.0 makes it easier for part-time workers to access retirement plans by reducing the timeframe to two years. For retirees who transition to part-time work, this offers you an opportunity to continue saving during the transition period and boost your nest egg before withdrawing from retirement accounts.
<h2>Increase to how much can be invested in a qualified longevity annuity contract5</h2>
A qualified longevity annuity contract (QLAC) is a special type of annuity that begins paying out when you reach an especially advanced age. In essence, this is longevity insurance &mdash; for those who think they&rsquo;ll live beyond age 85, a QLAC allows you to receive annuity payments once you&rsquo;ve passed this age.
Currently, the maximum that can go into a QLAC is either $135,000 or 25% of the value of your retirement accounts, whichever is less. Secure 2.0 eliminates the 25% cap and increases the maximum amount allowed in a QLAC to $200,000.
For Americans concerned about longevity risk and outliving savings, the Secure Act 2.0 expands access to qualified longevity contracts.&nbsp;&nbsp;
<h2>Replace the Saver&rsquo;s Credit6</h2>
Today, the Saver&rsquo;s Credit reduces taxes for those in certain income brackets. It&rsquo;s a tax credit designed to encourage more saving. The current limit is $1,000 for individuals and $2,000 for joint filers. The credit comes when you file your tax return. However, the credit is nonrefundable. This means the credit can only take your tax bill down to $0, but if you have excess, you won&rsquo;t receive it in the form of a refund.
However, starting in 2027, the Saver&rsquo;s Credit will be replaced with a Saver&rsquo;s Match. The federal government will make a matching contribution to your IRA or retirement plan. The match will be 50% of the IRA or employer-sponsored plan contributions, capped at $2,000 per person.&nbsp;
<h4>SOURCES</h4>
<ol>
<li>Secure Act 2.0, U.S.C., H. R. 2617&mdash;832 (2022). <a href="https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf">https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf</a>. Accessed 23 December 2024.</li>
<li>Ibid.</li>
<li>Ibid.</li>
<li>Ibid.</li>
<li>Ibid.</li>
<li>Ibid.</li>
</ol>

<h6 style="text-align: right;">Last Updated: December 23, 2024</h6>
Now that we&rsquo;ve seen how pre-retirees can benefit from increased retirement savings and access to their accounts, let&rsquo;s take a look at how Secure Act 2.0 helps those already in retirement.
Secure 2.0 makes it easier for retirees to grow and keep more of the money they&rsquo;ve earned from retirement accounts. In this lesson, we&rsquo;ll take a look at the provisions that help retirees the most. 
<h2>Delay Required Minimum Distributions (RMDs)1</h2>
Learn more about RMDs in our dedicated lesson &ldquo;<a href="/retirement-school/tax-filing-guide-for-retirement/required-minimum-distributions" rel="follow noopener" target="_blank">Required Minimum Distributions</a>.&rdquo;&nbsp;
The original Secure Act increased the age at which workers must start taking withdrawals from their retirement accounts from 70&frac12; to 72.&nbsp;
The Secure Act 2.0 increases it again: first to 73 starting Jan 1, 2023, and 75 by 2033. The extra three years primarily offers retirees who don&rsquo;t rely on RMDs for income more time to avoid tax liabilities and grow potential returns pre-tax.
This rule change only applies to those who will turn 73 December 31, 2022.
<h2>IRS Waiving 2025 RMDs for IRA Beneficiaries2</h2>
For the 5th year in a row, the IRS is waiving RMDs in 2024 for IRA beneficiaries who are subject to the 10-year rule. The rule, introduced in the Secure Act, requires beneficiaries of inherited IRAs to withdraw the entire balance of the inherited account within 10 years after the death of the original account holder.
This is primarily important for non-spouse beneficiaries. Spouses can be considered an &ldquo;eligible beneficiary,&rdquo; meaning spouses can designate themselves as an account owner, which would exempt them from the 10-year rule. Learn more in our lesson
 &nbsp;&ldquo;<a href="/retirement-school/taxes-on-inherited-accounts/retirement-accounts-rmds" rel="follow noopener" target="_blank">Retirement Accounts and RMDs</a>.&rdquo;
<h2>Cut RMD Penalty in half3</h2>
Currently, the penalty for missing a required minimum distribution (RMD) is 50% of the amount you should have withdrawn. Secure Act 2.0 cuts this in half, to 25%, which started in 2023. On top of that, you could potentially see that penalty reduced to 10% of what you should have withdrawn if you correct the issue within a two-year period.&nbsp;
Even though this reduction can provide peace of mind in the event of a mistake, it&rsquo;s still best to meet RMD requirements and avoid penalties.&nbsp;
<h2>Increase the qualified charitable distribution limit3&nbsp;</h2>
Qualified charitable distributions (QCDs), allow taxpayers over age 70&frac12; to contribute to charity from their IRAs and avoid the recognition of income on the donated amount. This can be useful as a way to offset RMDs as well.
You can donate up to $108,000 in 2025. The limit for qualified charitable distributions will be indexed to inflation. This allows the limit to increase for QCDs without Congress having to change the law again.
Secure 2.0 also permits one-time gifts of $54,000 in 2025 through a charitable trust or gift annuity.
<h2>Retirement Savings &ldquo;Lost and Found&rdquo;</h2>
Currently, identifying &ldquo;lost&rdquo; retirement accounts can be difficult. This is especially true if a company went out of business after you left and your retirement savings from that company are being held with a new custodian.
The Secure 2.0 Act of 2022 enables the creation of a searchable database to help people find retirement benefits they lost track of. The retirement savings &ldquo;lost and found&rdquo; will be housed at the Department of Labor and will be created within two years of the bill&rsquo;s enactment.
After the database goes into effect, you should be able to search it and see if you have retirement benefits you lost track of or maybe didn&rsquo;t even realize you had. This can help to boost your assets and income in retirement.
<h4>SOURCES</h4>
<ol>
<li>Secure Act 2.0, U.S.C., H. R. 2617&mdash;831 (2022). <a href="https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf">https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf</a></li>
<li>&ldquo;Anticipated Applicability Date for Future Final Regulations Relating to Required Minimum Distributions&rdquo;, irs.gov.&nbsp;<a href="https://www.irs.gov/pub/irs-drop/a-25-02.pdf">https://www.irs.gov/pub/irs-drop/a-25-02.pdf</a>. Accessed 19 Dec 2024.</li>
<li>Secure Act 2.0, U.S.C., H. R. 2617&mdash;881 (2022).&nbsp;<a href="https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf">https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf</a></li>
<li>Adams. &ldquo;Reducing RMDs With QCDs.&rdquo; Charles Schwab, 13 Dec. 2024,&nbsp;<a href="https://www.schwab.com/learn/story/reducing-rmds-with-qcds">https://www.schwab.com/learn/story/reducing-rmds-with-qcds</a>. Accessed 16 Dec 2024.</li>
</ol>

<h6 style="text-align: right;">Last Updated: December 23, 2024</h6>
The Secure Act 2.0 has other provisions that might be worth knowing about. Some of these items might not be as widely beneficial to all pre-retirees or retirees, but they can be applicable in certain circumstances.&nbsp;
If they apply to you, consider adding them to your long-term retirement planning.
<h2>Employer Roth Contributions1</h2>
In the past, if you had a Roth account with your employer, any matching contributions on their part were made pre-tax.
For example, if you were contributing to a Roth 401(k) at work, your employer would essentially create a traditional 401(k) for you and all the matching contributions from the employer would go into that traditional account. Later, when withdrawing from the account, you&rsquo;d have to pay taxes on the employer match.
Now, thanks to Secure Act 2.0, you can designate after-tax employer contributions to your Roth account, giving you the full tax advantages you sought when setting up a Roth in the first place. Remember, if you make over $145,000 starting in 2026, any catch-up contributions must be designated as after-tax Roth contributions.
<h2>Roll 529 Plan Funds to a Roth IRA2</h2>
A 529 plan is a type of education savings account that allows you to invest money to use for college and other educational experiences. You make after-tax contributions to the account and can then withdraw money (including earnings) tax-free as long as the money is used for qualified education expenses.
However, if you withdraw funds for a use other than qualified expenses, you pay taxes and a penalty. Starting in 2024, Secure 2.0 changes this. You&rsquo;ll be allowed money in 529 plans that have been active for at least 15 years to be rolled over into Roth IRAs. Roth IRAs feature after-tax contributions, so their tax treatment is similar to 529 plans.
This rollover can be useful for those who don&rsquo;t use all the money in a 529 plan. If you created a 529 plan for your children and some of it has gone unused, you now have an option to roll unused funds into a Roth IRA for the plan&rsquo;s beneficiary.&nbsp;
This means you can potentially transform unused 529 funds into becoming part of your estate and inheritance planning, instead of paying penalties to access the money.
The rollover is subject to annual contribution limits and has a lifetime limit of $35,000.
<h2>SIMPLE and SEP can Designate Roth IRAs3</h2>
SIMPLE and SEP IRA plans are often used by the self-employed and small business owners to save for retirement. However, these accounts have not had a Roth option in the past.
Some small business owners and self-employed workers like SIMPLE and SEP IRAs because they have higher contribution limits than Traditional and Roth IRAs. Prior to Secure 2.0, their only choice was to contribute to a Roth IRA and then to a SEP or SIMPLE.
Secure 2.0 allows for SIMPLE and SEP IRAs to have a Roth designation. For small business owners and self-employed workers, this provides a new opportunity for setting aside money in a Roth account for future withdrawals. This can provide a way to diversify retirement tax planning for those who haven&rsquo;t been able to access Roth benefits in SIMPLE and SEP IRA accounts.&nbsp;
<h2>Roth 401(k)s Exempt from RMDs</h2>
Several years ago, the ability to make Roth contributions to a 401(k) was introduced. Some workers liked the idea of having access to this benefit, rather than needing to open a separate Roth IRA to diversify their tax planning for retirement.&nbsp;
However, unlike Roth IRAs, which never had RMDs, Roth 401(k) plans had mandatory distributions. Secure 2.0 gets rid of this discrepancy. Now, Roth 401(k)s are no longer subject to RMDs. Secure 2.0 provides that any account designated as a Roth account has no RMDs. So, in the future, if more accounts come with a Roth designation, there won&rsquo;t be clashing rules.
<h2>Six New 10% Early Withdrawal Penalty Exceptions</h2>
There are certain life events when accessing retirement funds early becomes necessary, regardless of the associated taxes and penalties. The Secure 2.0 Act introduced six new scenarios that allow for penalty-free early withdrawals from retirement accounts, including:
<ol>
<li>Financial emergencies</li>
<li>Federally declared disasters</li>
<li>Qualified long-term care distributions</li>
<li>Pension-linked emergency savings accounts</li>
<li>Terminal illness</li>
<li>Domestic abuse</li>
</ol>
These additions expand the range of situations where individuals can access their retirement savings without incurring penalties. Each exception has its own qualification requirements, withdrawal limitations, and repayment terms.
<h4>SOURCES</h4>
<ol>
<li style="font-weight: 400;" aria-level="1">Secure Act 2.0, U.S.C., H. R. 2617&mdash;934 (2022). <a href="https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf">https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf</a></li>
<li style="font-weight: 400;" aria-level="1">Secure Act 2.0, U.S.C., H. R. 2617&mdash;858 (2022). <a href="https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf">https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf</a></li>
<li style="font-weight: 400;" aria-level="1">Secure Act 2.0, U.S.C., H. R. 2617&mdash;932 (2022). https://www.congress.gov/117/bills/hr2617/BILLS-117hr2617enr.pdf</li>
</ol>

<h6 style="text-align: right;">Last Updated: December 23, 2024</h6>
Even though the Secure Act 2.0 will impact millions of Americans, the dates that all of these provisions kick in aren&rsquo;t uniform. They all happen at different times, so it&rsquo;s important to understand what to expect from the new law.
While many of these dates have been mentioned in previous lessons, here&rsquo;s a handy list of when to expect various provisions to kick in.
<h2>What went into effect in 2023</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">If you turn 72 after December 31, 2022, your new age to take RMDs is 73.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">The penalty for a missed RMD is reduced to 25%. If you correct the oversight and make the missed RMD within two years, the penalty is reduced to 10%.</li>
<li style="font-weight: 400;" aria-level="1">SIMPLE and SEP IRAs can now offer Roth IRAs rather than just traditional accounts. Even though these accounts are now available, not all providers will have the Roth option immediately available. Small business owners and self-employed workers should check with their providers for a timeline.</li>
<li style="font-weight: 400;" aria-level="1">Employers can now contribute to Roth accounts as part of matching programs.</li>
<li style="font-weight: 400;" aria-level="1">Qualified Longevity Annuity Contract (QLAC) purchases are no longer limited to 25% of assets, and the purchase limit is now $200,000.</li>
</ul>
<h2>What went into effect in 2024</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">Catch-up contributions allowed for those 50 or older will be indexed to inflation. As the cost of living increases, so will catch-up contributions.</li>
<li style="font-weight: 400;" aria-level="1">Unused assets in any 529 plan can be rolled over to a Roth IRA up to a lifetime cap of $35,000.</li>
<li style="font-weight: 400;" aria-level="1">Employers can match student loan payments by putting the matching contributions in a workplace retirement plan.</li>
<li style="font-weight: 400;" aria-level="1">Elimination of RMD requirements for workplace-based Roth plans, adding Roth 401(k)s alongside Roth IRAs. This will help those with Roth 401(k)s avoid being forced to make withdrawals during retirement&mdash;and potentially help them avoid a tax hit.</li>
<li style="font-weight: 400;" aria-level="1">The Qualified Charitable Distribution (QCD) Limit will be adjusted due to inflation.</li>
<li style="font-weight: 400;" aria-level="1">Emergency withdrawals of up to $1,000 per year, penalty-free, with most retirement accounts.&nbsp;</li>
</ul>
<h2>What goes into effect in 2025</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">Automatic enrollment in workplace plans created after December 22, 2022.</li>
<li style="font-weight: 400;" aria-level="1">Catch-up contribution limits increased.</li>
</ul>
<h2>What goes into effect in 2026</h2>
<ul>
<li>Catch-up contributions for those earning more than $145,000 annually will be treated as Roth contributions. For individuals age 50 and older, you can continue to make catch-up contributions regardless of income.</li>
</ul>
<h2>What goes into effect in 2027</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">The Saver&rsquo;s Credit will be replaced with a Saver&rsquo;s Match from the federal government for those who meet income limits.</li>
</ul>

<h6 style="text-align: right;">Last Updated: December 23, 2024</h6>
Secure Act 2.0 updates some of what went into the Secure Act of 2019, as well as streamlining some of the practices of setting contribution limits. Many of the provisions provide pre-retirees a way to boost their retirement accounts, and there are benefits for current retirees as well.
Some of the main items to keep in mind as you plan your retirement, or as you change how you manage your money during retirement, include:
<ul>
<li>Changes to RMDs, including pushing back the age you must take them, reducing the penalty and excluding Roth 401(k) plans from RMDs.</li>
<li>The ability to make more qualified charitable distributions.</li>
<li>Replacement of a Saver&rsquo;s Credit with a Saver&rsquo;s Match from the federal government.</li>
<li>Catch-up contributions will increase and future contributions will be indexed to inflation. Additionally, participants making over $145,000 will be required to have catch-up contributions designated as after-tax Roth contributions.</li>
<li>Workers might be automatically enrolled in retirement plans in the future.</li>
<li>Options for taking early withdrawals without tax penalty if you meet certain requirements.</li>
</ul>

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About this Class

Inflation is always daunting. But that’s even more the case when you’re retired. Here’s what you need to know about protecting your retirement income and dealing with inflation during retirement. 

When you&rsquo;re divorced, it&rsquo;s especially important to make sure that your estate plans are updated in retirement so that they reflect your wishes as they stand today, not as they were while you were married.

When you’re divorced, it’s especially important to make sure that your estate plans are updated in retirement so that they reflect your wishes as they stand today, not as they were while you were married.

Make sure you understand the importance of your estate planning documents in retirement &mdash; and keep them updated &mdash; no matter your marital or partnership status.

Make sure you understand the importance of your estate planning documents in retirement — and keep them updated — no matter your marital or partnership status.

Make sure you understand the importance of your estate planning documents in retirement &mdash; and keep them updated &mdash; no matter your marital or partnership status.

Here are the 2025 annual updates on costs and benefits coming to Social Security, Medicare, and ACA.

Here are the 2025 annual updates on costs and benefits coming to Social Security, Medicare, and ACA.

This class provides an in-depth understanding of Required Minimum Distributions (RMDs), a crucial aspect of retirement planning. You will learn what RMDs are, how they work, and why they exist, including the tax implications and penalties for non-compliance. Additionally, you will explore tax management strategies, such as Roth IRA conversions and Qualified Charitable Distributions, to optimize your retirement savings.

Scenario Planning Category

Secure Act 2.0 and Your Retirement

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Summary for Understanding the Secure Act 2.0

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