It appears some changes are likely coming to the tax-advantaged retirement savings landscape, as the House of Representatives passed (by a 414-5 vote) the Securing a Strong Retirement Act of 2022. It now goes the Senate where the Senate Finance Committee is likely to offer their own version of the bill. Commentators have referred to this bill as the SECURE Act 2.0 or SECURE 2.0.
Here is the bill text.
This bill is not a paradigm shift in retirement saving and planning. Rather it makes many changes to the tax-advantaged retirement savings rules, most of which are small changes.
Here is a some brief points to consider:
My thinking about the bill
What expanding Roths (“Rothification”) means to the FI/FIRE community
The bill does not include the repeal of the Backdoor Roth IRA.
Deloitte materials on SECURE 2.0.
A good Twitter thread from Ed Zollars.
A nice summary of the most important points from Jamie Hopkins.
Post on ten provisions in the bill.
Stay Tuned: Some version of SECURE 2.0 is likely to be enacted in 2022, but it could get seriously changed in the U.S. Senate.
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This post is for entertainment and educational purposes only. It does not constitute accounting, financial, legal, or tax advice. Please consult with your advisor(s) regarding your personal accounting, financial, legal, and tax matters. Please also refer to the Disclaimer & Warning section found here.
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