Summerlin Benefits Consulting Q&AAnswer
Oct 23, 2024 - 12:02 PM
The SECURE 2.0 Act impacts retirement planning for seniors by raising the age for required minimum distributions (RMDs) from 72 to 73 in 2023 and to 75 in 2033. Surviving spouses now must elect to be treated as participants for RMD purposes, allowing for potentially delayed distributions. Additionally, the excise tax for missed RMDs has been reduced from 50% to 25%, encouraging compliance. These changes aim to enhance flexibility and reduce financial stress for retirees.
