Today on Keep It Simple we’re getting into a new law, The Secure Act 2.0. This law is the government’s way to remove obstacles to retirements to make it easier for the average American to save money for retirement. The Asset Builder team is explaining some of the changes this law brings that normal individuals should be aware of. 25% of American adults don’t have savings, so if you fall under that statistic the Secure Act 2.0 helps you out by allowing you to catch up on your retirement contributions.
Arguably the most important change that comes from the Secure Act 2.0 are the rules surrounding Roth accounts. We’re talking about Roth accounts in detail and these accounts can be huge assets to individuals. QCCs are also changing a little bit and are a great tool to use. Arguably the biggest change Secure 2.0 is making is requiring businesses to defer 3% of their employee’s incomes into retirement accounts. This law will change things for you, whether in big or small ways, so it is important for you to go talk to your advisor to find out how it’ll impact you.
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