Major Changes to Retirement Savings Rules

CONGRESS MAKES MAJOR CHANGES TO RETIREMENT SAVINGS RULES

In December 2022, Congress passed a massive $1.7 trillion omnibus spending bill.  One section of the bill, known as SECURE 2.0, addresses changes to existing retirement savings rules.  These new rules make significant changes to items such as age requirements for required minimum distributions (RMDs) as well as changes to catch-up contributions to retirement savings accounts. 

Charles Schwab prepared a summary of these changes.  The article can be found at:  https://www.schwab.com/learn/story/congress-passes-major-boost-to-retirement-savings#:~:text=The%20most%20notable%20provision%20in,will%20increase%20again%2C%20to%2075

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