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On December 20, 2022, “Division T - Secure 2.0 Act of 2022” was added to H.R. 2617 (Consolidated Appropriations Act, 2023), incorporating H.R. 2954 into the omnibus bill. The omnibus bill, including Division T, passed the Senate On December 22nd, passed the House on December 23rd, and signed into law by President Joe Biden on December 29, 2022.
The SECURE Act is estimated to cost $15.7 billion. It is primarily funded through a change to "stretch" IRAs. In the past, non-spouse beneficiaries who inherit IRAs could spread disbursements from the IRA over their lifetime. Under the SECURE Act, disbursements must be collected and taxed within 10 years of the original account holder's death. [8]
The retirement savings legislation, also known as SECURE Act 2.0, expands on the original SECURE Act and includes provisions to boost the required minimum distribution (RMD) age from 72 to 75 over ...
The House of Representatives has passed Bill H.R. 2954, the Securing a Strong Retirement Act, moving it one step closer to becoming a law, per CNBC. The bill, commonly known as the SECURE Act 2.0,...
The SECURE 2.0 Act (aka, the Securing a Strong Retirement Act 2.0) puts in motion provisions to make retirement savings more straightforward and accessible to a wider range of people.
The U.S. House's approval of Secure Act 2.0 should benefit all retirees if the bill gets signed into law, but it could give a particular lift to women, who were disproportionately impacted by the...
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The SECURE 2.0 Act Summary The SECURE 2.0 Act, passed as part of the Biden’s $1.7 trillion omnibus spending bill in December, aims to make a secure retirement more achievable for Americans.