5 Things to Know About Retirement Accounts
While you are employed, there is no longer an age limit for contributions to your qualified retirement plans.
The age at which you must begin taking required minimum distributions increased to 72 in 2023, and 75 by 2033.
If you are a permanent, part-time employee, you may be eligible to contribute to an employer-provided retirement plan.
The way your beneficiaries will inherit your retirement accounts changed significantly. Now, they will have to withdraw the entire account balance within 10 years of your death unless they are one of the following types of beneficiaries: 1. Your spouse; 2. Your minor child that has not reached the age of majority; 3. A disabled individual; 4. A chronically ill individual; or 5. A person not more than 10 years younger than you
If you named a trust as the beneficiary of your retirement accounts, please contact your attorney to see if you need to update your trust OR your beneficiaries because of the new rules from Secure Act 2.0.