Fragasso Financial Advisors, a leading investment and financial planning firm in Pittsburgh, is proud to announce the release of a 2-part blog post detailing the effects of the Secure Act 2.0. The Secure Act 2.0, which was recently passed by Congress, contains several key provisions that will impact retirement planning for American individuals and businesses. On December 23rd of 2022 Congress, with bi-partisan support, passed the Secure Act 2.0. and President Biden signed it into law on December 29, 2022. This act builds onto the Secure Act of 2019 to continue to expand and incentivize retirement planning.
In the first part of the blog post, Christine Robinette, Executive Vice President of Fragasso Financial Advisors provided a comprehensive overview of the Secure Act 2.0 and a review of the most impactful provisions to individual investors. The post outlines the changes to the age at which individuals must begin taking required minimum distributions, catch-up provision, 529 to Roth IRA rollovers, and other changes.
For instance, the act decreases the penalty for a missed RMD from 50% of the distribution amount down to 25%. It also specifies that from 2024, Americans will no longer be required to take an RMD from an employer Roth account and those who had started taking required distributions from an employer Roth account can stop taking them.
In the second part of the blog post, Daniel Tatomir, Vice President and Manager of Retirement Plan Advisors at Fragasso Financial Advisors delves into how the Secure Act 2.0 impacts the retirement plans of companies. The post provides insight into the provisions to expand plan coverage and increase savings and crucial administrative provisions.
The 2-part blog post can be found on the Fragasso Financial Advisors website, along with additional resources and information on retirement planning. To read the first post by Christine and find out how the Act affects individuals, please visit https://www.fragassoadvisors.com/secure-act-2-0-what-does-this-mean-for-retirement-savings/. For company-sponsored retirement plans, Daniel Tatomir’s part can be read at https://www.fragassoadvisors.com/how-will-the-secure-act-2-0-changes-impact-your-company-retirement-plan/.
About Fragasso Financial Advisors
Fragasso Financial Advisors is an independent, employee-owned and primarily fee-based investment management and financial planning firm headquartered in Pittsburgh, with additional suburban branch locations in Western Pennsylvania. Founded in 1972, the firm today has $2 billion under management and non-advisory assets combined.
Investment advice offered by investment advisor representatives through Fragasso Financial Advisors, a registered investment advisor.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bulletin Track journalist was involved in the writing and production of this article.