What to Expect From the SECURE 2.0 Act Change the Way You Save Get ready for more savings! Last year, the SECURE 2.0 Act added new provisions that may change how you prepare for retirement. In order to increase your savings come retirement, these changes aim to make saving more manageable and enticing. They also lower the cost for employers to offer savings plans within the company. Now, it’s more attractive for employers to offer savings plans for their employees, and employees will have better plan options to choose from! Here's what you need to know! RMD Age Extended One of the most significant changes involves required minimum distributions (RMDs). The previous rules stated that retirees were required to make withdrawals from their retirement accounts when they turned 72 years old. Now, the RMD age is 73, providing you an extra year to save in your tax-free retirement accounts instead of taking those taxable distributions early. On Jan. 1, 2033, this threshold age will be raised again to 75. Penalties Cut in Half In the past, if you missed an RMD deadline, the penalty was 50% of the amount you should have taken. This penalty has been reduced to only 25% of the amount. If you fix your mistake within two years, the number could be reduced to 10%.
Pre-Death Requirement Eliminated In 2024, the pre-death requirement for Roth 401(k) accounts will be removed. This means Roth IRA accounts are not subject to the RMD rules if the account holder passes away before the required distribution age. These changes to RMDs are just a few things the SECURE 2.0 Act has set in motion. To learn more about how to continue saving through your golden years, set up a strategy session with your trusted financial advisor!
Take a Break!
Goat Cheese and Thyme Stuffed Chicken
Inspired by BBCGoodFood.com
Ingredients
2 skinless, boneless chicken breasts
4 pieces of thin-sliced bacon
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Olive oil
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3.5 oz firm goat cheese
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2 zucchinis, thinly sliced
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1 tsp fresh thyme leaves, plus 2–3 sprigs
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1 large tomato, thinly sliced
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Directions
Preheat oven to 375 F.
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2. Split the chicken breasts almost in half along the long side, open them like a book, then flatten the sides out. 3. Put the goat cheese on the “open book” side of the chicken and sprinkle with thyme leaves. Fold the chicken over to enclose the cheese, then wrap each breast in two slices of bacon. 4. Lightly oil a shallow gratin or casserole dish, then arrange overlapping rows of zucchini and tomatoes on the bottom. Drizzle with olive oil, sprinkle with salt and pepper, then set chicken on top. Place thyme sprigs on chicken. 5. Bake for 40–45 mins until the bacon is crisp and golden and the zucchini is tender.
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