The new provision in the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act allowing unused 529 plan funds to be rolled into Roth IRAs, which becomes effective in 2024, includes “lots of limitations,” according to IRA and tax expert Ed Slott of Ed Slott and Co.
News & Press
Policymakers tout recent legislation as offering a leg-up to Americans struggling to save for retirement, but one tax and retirement expert says not to believe the hype.
The SECURE Act 2.0, enacted at the end of last year, will bring about some important changes for retirement planners—but it’s not as impactful as its predecessor, 2019’s the SECURE Act, said Ed Slott, president of Slott & Co.
A major new retirement law has been enacted, the second big one in little more than three years. Like movie sequels, this one has all the makings of a blockbuster.
The Secure 2.0 Act will allow Americans to save more money in tax-sheltered workplace retirement accounts, make the saving process easier through automatic enrollment, provide new incentives, delay the time when withdrawals must begin and set in motion other important changes.