How SECURE 2.0 will impact retirement planning {PFP Section}

Apr 8, 2022

HR 2954, also known as the Securing a Strong Retirement Act, passed the House on March 29th and is now waiting on a vote from the Senate. Bob Keebler, CPA/PFS, shares the sections most pertinent to CPA financial planners in this episode of the PFP Section podcast, including but not limited to:

• Section 106 increases the required minimum distribution (RMD) age to 73 beginning on January 1, 2023 and continues to increase the age to 75 by January 1, 2033.
• Section 108 increases IRA contribution limits for those age 62 through 64 to $10,000 after December 31, 2023.
• Sections 201 and 202 remove RMD barriers for life annuities and qualifying longevity annuity contracts.
• Section 601 allows SIMPLE and SEP IRA plans to accept Roth IRA contributions after December 31, 2022.
• Various sections provide relief for prohibited transactions, excess contributions, and RMD violations. 

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links. 

• Read a Journal of Accountancy article on this topic.
• Register for Bob Keebler’s AICPA webcast on May 2nd and May 17th, How the 2022 SECURE Act and SECURE 2.0 proposed regulations will impact your clients. Registration will be available soon.
• Use the Proactive Planning Toolkit audio learning to keep up with the latest and to access Bob’s 2022 planning decision charts.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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