Vanderbilt Insights

How Secure 2.0 Is Shaping Advice to Clients: Advisors’ Advice

https://hubs.la/Q01zBLGn0 By Dinah Wisenberg Brin

The landmark Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act of 2022 signed into law in December brings wide-reaching changes that could affect the financial services industry, investors and employers. Among its many provisions, Secure 2.0 increased the age for required minimum distributions (RMDs) from 72 to 73 effective Jan. 1 this year and will raise it to 75 starting on Jan. 1, 2033, for those turning 74 on or after that date.

It also allows funds from 529 college savings plans to be rolled into Roth IRAs, and allows employers to give workers the choice to designate employer 401(k) contributions as vested after-tax Roth contributions. We asked financial advisors: How is Secure 2.0 figuring into your advice to clients?

Check out the gallery to see how this new law is shaping advisor-client conversations, based on advisors’ emailed responses, some of which have been lightly edited.

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