A new retirement bill is winding its way through Congress. The Securing a Strong Retirement Act of 2021, informally known as the SECURE Act 2.0, looks to expand on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The bipartisan bill’s provisions include increasing the current required minimum distribution age of 72 to 73 starting in 2022, increasing the age to 74 in 2029 and increasing it to 75 in 2032. The bill also proposes an increase of the annual “catch-up” contribution amount to $10,000 for participants between the ages of 62 and 64, beginning in 2023. Stay tuned to see if these proposals turn into a law passed by Congress. Call or visit our website for more information! www.mjscpa.com/
