January 2023 Sivia Segment: New Year and New Happenings!
The SECURE (Setting Every Community Up for Retirement Enhancement) Act is going to be bringing many changes to retirement accounts in 2023. On December 29, 2022 President Joe Biden signed SECURE Act 2.0 into law. This act adds more than 90 new retirement plan provisions.
Broadly speaking, the bill introduces several significant changes for small businesses, and those saving for retirement by:
- Promoting saving earlier for retirement, as well as increasing some limits
- Boosting incentives for small businesses to offer retirement plans
- Offering those age 60+ more flexibility for saving as they approach retirement
If you have questions about what this means for you, your family and your business, send us a message here.
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