Explore Financial Group

The SECURE 2.0 Act, enacted into law on December 29, 2022, makes over 90 changes to the IRA and employer plan tax rules. If that isn’t enough, many of these provisions aren’t immediately effective.

One of the changes is the RMD age. The first year that RMDs (required minimum distributions) must be taken from IRAs was extended from 72 to 73. This change affects anyone who turns age 72 after December 31, 2022. So, if you reach age 72 this year, your first RMD isn’t required until you turn 73 in 2024. The RMD age is delayed further to 75 if you reach 73 in 2033 or later.

Retirement Rule Changes coming in 2023. These may have an effect on you!

Retirement rule changes coming in 2023 | MassMutual The new provisions, which build on SECURE Act of 2019, include some significant new benefits for retirement savers.

Healthcare costs continue to be one of the largest, most unpredictable expenses in retirement. As retirees age, out-of-pocket costs only increase. This ever increasing expenditure can be detrimental to finances in retirement.

Inflation has the potential to wipe out your retirement fund faster than you expect. Are you prepared for the increasing costs of living?