The SECURE ACT of 2022
InstructorUIE Phone(253) 846-1155 mail@uiece.com |
Course OverviewThe goal of the SECURE 2.0 Act of 2022, is to increase access to tax-advantaged accounts and prevent older people from living longer than their assets do (running out of money, in other words). The SECURE Act does not provide the funds for retirement, so it is still up to individuals to set aside personal funds for retirement. Under the SECURE 2.0 Act of 2022, individuals can now aggregate annuities and other holdings for purposes of determining RMDs, which may help lower distribution amounts, reduce federal income tax, and allow savings to last longer. This is effective immediately. The previous law stipulated that no more than 25% of the IRA account balance up to an annual dollar limit ($145,000 in 2022) could be used to purchase an annuity. The SECURE 2.0 Act of 2022 increases the dollar limit to $200,000 and indexes it for inflation beginning in 2023. It also eliminates the 25% account balance requirement. |
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Insurance Law |
SECURE 2.0 Act of 2022, part of the Consolidated Appropriations Act (CAA) of 2023, became law on December 29, 2022, and builds on and expands the SECURE Act of 2019 to improve retirement-savings opportunities. The SECURE 2.0 Act of 2022 contains new provisions to promote savings, boost incentives for businesses, and offer more flexibility to those saving for retirement. |
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