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IRA Retirement Planning

Lake Norman IRA Retirement Planning Attorney

Professional Guidance for Families in Cornelius & the Greater Charlotte Area

Your individual retirement account is intended to serve as a source of financial support during your senior years. However, it can also be part of your estate plan depending on your resources and your longevity.

There have been changes in the individual retirement account parameters over recent years, and one of them has had a significant impact on many estate plans. You should understand the facts and react accordingly if necessary.

Elimination of Stretch IRA

The SECURE Act was passed at the end of 2019, and it went into effect the following year. Prior to its enactment, individual retirement account beneficiaries could implement the “stretch IRA” strategy.

They would take only the minimum that was required by law for the maximum length of time to take full advantage of the tax benefits. This was especially beneficial for relatively young Roth account beneficiaries because they do not pay taxes on the distributions.

A provision in the SECURE Act put an end to this approach. Now, all assets must be cleared out of an inherited individual retirement account within 10 years of the time of acquisition.

Secure Act 2.0

Another piece of legislation that is referred to as “Secure Act 2.0” was enacted in 2022, and it has brought several changes along with it. First, traditional individual retirement account holders are required to take mandatory distributions when they reach a certain age.

The age had been raised from 70.5 to 72 when the first SECURE Act was enacted, and it has now been increased to 73. It will eventually go to 75 years of age over a number of years.

Another provision calls for automatic enrollment of all qualified employees into workplace retirement savings plans. The 401(k) catch-up contributions for workers between 60 and 63 years old have been increased from $7,500 to $10,000.

Many workers who are saddled with significant student loan payments decide that they cannot afford to contribute to retirement savings plans. A provision in this measure gives employers the right to provide 401(k) matches of qualified student loan payments.

These are a handful of the key provisions in SECURE Act 2.0, and there are several others. 

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