Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0

In 2019, the US Government voted on and passed a spending bill to help Americans save for retirement.  The bill was called the Setting Every Community Up for Retirement Enhancement (SECURE) Act.  Since then, there has been several updates discussed by congress and recently put into a revised act called the SECURE Act 2.0.  The SECURE Act 2.0 was just passed at the end last year as part of the Consolidated Appropriations Act 2023 and signed by the President December 29, 2022. This is the enactment date and the effective date for some provisions of the Act. Other provisions will become effective over the next several years.   How does this affect you?  There are several updates like raising the minimum age for required minimum distributions, raising catch-up contributions, allowing for emergency withdrawals, matching student loan payments, expanded coverage for part-time workers and more.  Out of the 4,100 pages of the SECURE Act 2.0, there is a lot to unpack in SECURE 2.0 and several provisions requiring clarification and/or interpretation while others requiring system updates. 
We are reviewing the SECURE Act 2.0 in more detail and putting together a summary of the provisions by their effective timelines as well as a list of the top provisions we believe will have the highest impact for you, as our clients.  We will be sending this out via email in the next couple weeks.
While there are several provisions that may benefit you, we believe SECURE 2.0 will initially raise more questions than answers for retirement plan sponsors and individual investors. If you have ANY questions about how this affects your employer-sponsored plan or you individually, please feel free to reach out to our team - we are always here to support you.

For Educational Purposes Only. This material is intended for informational purposes only and should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney, tax advisor, or plan provider.  

Securities and Investment Advisory: Services offered through M Holdings Securities, Inc., A Registered Broker/Dealer and Investment Advisor, member FINRA/SIPC. Rose Street Advisors is independently owned and operated. Rose Street Advisors is a member firm of M Financial Group. #5398793.10

Scott Higgins

AIF®, CFP®, CPFA® | Financial Advisor

Since 2012 at Rose Street, Scott has been responsible for helping the firm’s individual wealth management clients with income strategies for retirement and consulting with employers with their employee retirement plans. In free time, he enjoys golf, biking, skiing, cooking, and traveling. Fun fact, Scott has a hobby of filling growlers with coins!

Interested in more?

Let's Talk

Download Year-End Checklist

What Will You Retire To?

As the year wraps up, it’s natural to think about your goals – professionally, personally, and financially.  It’s something that you and your household will want to assess and talk about openly and honestly.  Use this year-end checklist to make sure you’re on track with your retirement savings goals.

○ Maximize your retirement savings - Consider converting to a Roth IRA or electing the Roth 401k

○ Review or update your beneficiary designations

○ Review tax withholdings

○ Review your insurance needs – life, home, auto and liability – make sure you’re adequately insured

○ Review your portfolio – diversify if need be or offset capital gains with capital losses (Tax-loss harvesting)

○ Plan ahead for education expenses

○ Check in on your emergency savings account

○ Fine-tune your budget – review your credit/debt

○ Think about your legacy goals/estate planning

○ Start preparing for the future

Whether you’re early in your career and building wealth, fine-tuning your future plans or prepping for life in retirement, there are things you may want to consider doing by Dec 31 to tidy you your finances.

If you have questions or need help, we are here for you.  Reach out to Scott Higgins direct at (269) 552-3259.

Download Year-End Checklist

For Educational Purposes Only. This material is intended for informational purposes only and should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney, tax advisor, or plan provider.  

Securities and Investment Advisory: Services offered through M Holdings Securities, Inc., A Registered Broker/Dealer and Investment Advisor, member FINRA/SIPC. Rose Street Advisors is independently owned and operated. Rose Street Advisors is a member firm of M Financial Group. #5357597.1

Scott Higgins

AIF®, CFP®, CPFA® | Financial Advisor

Since 2012 at Rose Street, Scott has been responsible for helping the firm’s individual wealth management clients with income strategies for retirement and consulting with employers with their employee retirement plans. In free time, he enjoys golf, biking, skiing, cooking, and traveling. Fun fact, Scott has a hobby of filling growlers with coins!

Interested in more?

Let's Talk