The SECURE Act 2.0 implements several changes affecting many different areas of financial planning. It is important to know how these changes may impact you, as well as the steps you can take when the changes occur.
Our flowchart below effectively highlights the important changes coming, can help you identify some proactive planning points to consider, and can assist in chronologically prioritizing the next steps to be taken.
This checklist covers many essential issues to consider as a result of the SECURE Act 2.0, such as:
- Understanding and prioritizing the chronological order of new changes.
- Explain changes to retirement planning, including RMDs, employer contributions, catch-up contributions, and much more.
- Highlighting several new ways of accessing retirement funds without incurring a penalty.
- Introducing entirely new planning points to consider, such as the 529-to-Roth transfer, the new Emergency Savings Account, and the retroactive establishment of solo 401(k) plans.
Spectrum Wealth Counsel, doing business as Spectrum Wealth Management, LLC, is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Additional information about Spectrum’s investment advisory services is found in Form ADV Part 2, which is available upon request. The information presented is for educational and illustrative purposes only and does not constitute tax, legal, or investment advice. Tax and legal counsel should be engaged before taking any action. The opinions expressed and material provided are for general information and should not be considered a solicitation for purchasing or selling any security.