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Understanding The New SECURE Act
Manage episode 368122182 series 3423688
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Welcome back to the Retire with Freedom podcast! Today, Tad and Toni are breaking down the tax law changes that have come with the new SECURE Act. From required minimum distributions (RMD) to catch-up contributions changes, they break down the key aspects you need to know for a successful retirement.
Discover how the RMD age requirement and catch-up contribution limits have changed, how these laws are positively impacting overfunded 529 plans, and some benefits for those managing student loan payments. They’ll also discuss an exciting change for catch-up contributions starting in 2025. To wrap up this episode, Tad and Toni will tackle a fun get-to-know-you question.
Here is some of what we’ll discuss in today’s show:
- There have been changes to the RMD age for tax-deferred retirement accounts. (0:23)
- There have been changes to the catch-up contribution limits for 401(k)s + you can now transfer excess funds from 529 plans to tax-free Roth IRAs. (2:22)
- In 2025, catch-up contributions are going from $7,500 to $10,000 if you're between the ages of 60 and 63. (6:12)
- Something personal: If you want to give up, what keeps you going? (7:12)
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