What You Need to Know
Secure 2.0 increases the RMD age to 73 starting on Jan. 1, 2022, to 74 starting on Jan. 1, 2029, and to 75 starting on Jan. 1, 2032.
According to IRS data, 80% of people who take the RMD amount or more do so because they need the money, says retirement expert Ed Slott.
The Federal Reserve says the average 64-74 year old has $358,000 saved for retirement, with the median amount at $126,000.
The House Ways and Means Committee’s recent passage of the Securing a Strong Retirement Act of 2021, dubbed the Secure Act 2.0, has spurred rounds of applause in the retirement planning community, but some provisions have left advisors scratching their heads.