Secure Act 2.0 in 2024
The Secure Act 2.0 introduces significant changes aimed at enhancing retirement planning and providing financial assistance in various situations. These updates offer potential benefits for a broad spectrum of individuals, from automatic enrollment in 401k plans to provisions for emergencies and part-time employees. In this episode, Emlen discusses these changes in retirement planning brought about by the Secure Act 2.0, which will take effect in 2024. He provides insights into various updates and their implications for individuals preparing for retirement especially this year.
#1 Automatic enrollment into 401k plans
#2 Employer match for student loan payments
#3 Rolling over leftover funds from 529 college savings plans
#4 Changes to required minimum distributions (RMDs)
#5 New flexibility for hardship withdrawals
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