welcome
JW Player

JW Player

Business

Business & Economics

6 Key Retirement Changes Under SECURE 2.0 Act

JW Player
Summary
Nutrition label

70% Informative

Richard Kaplan , the Raymond Jones Chair in Law at the University of Illinois College of Law , explains the six major changes enacted by the secure 2 dot O Act of 2022 that retirement plan participants need to know about.

Kaplan: The new contribution limits for 60 year old employees are not yet in effect.

Longevity annuities have been around for quite a while, but there was never any statutory provision.

Bob Greene says charitable gift annuities are not just for the wealthy.

He says the most that people can put in is limited to $ 53,000 this year .

Greene: Most of the universities that I've looked at there, you have a minimum of 10,000 and even Harvard , which is probably the priciest, they will do an annuity for only 25,000 . So 53,000 is well beyond what most places require as a minimum, Greene says.

There is now a new provision that allows folks to take those unused funds and do what with them.

This has to be a qualified policy as that term is used and that's almost always a stand alone policy.

There is a dollar cap of no more than $2500 and typically hybrid policies are multiples of that.

VR Score

82

Informative language

87

Neutral language

71

Article tone

informal

Language

English

Language complexity

32

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

External references

no external sources

Source diversity

no sources

Affiliate links

no affiliate links