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SECURE Act 2.0 Passed in Final Days of 2022

SECURE Act 2.0 Passed in Final Days of 2022

January 04, 2023

Congress spent the final days of 2022 on new reforms designed to help Americans save more for retirement.

You may hear the changes called SECURE Act 2.0, which is a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act enacted into law in late 2019.1

SECURE 2.0 contains dozens of provisions, but one key change is critical to understand. Starting January 1, 2023, the age at which owners of retirement accounts must begin taking required minimum distributions (RMDs) increases to 73 years of age. And starting in 2033, RMDs may begin at age 75.2

If you have already turned 72, you must continue taking distributions. But if you are turning 73 this year, we may want to revisit your approach.

SECURE 2.0 was tucked in the $1.7 trillion federal spending bill, so as more people become familiar with the legislation, expect more details to emerge.2 In the meantime, click here > Top 10 Provisions to read what LPL Financial has identified as the Top 10 Provisions to be aware of. If you have any questions, don’t hesitate to call.

Happy New Year. 


Neither LPL Financial, nor its registered representatives, offer tax or legal advice. Federal tax laws are complex and subject to change. As with all matters of a tax or legal nature, you should consult with your own tax or legal counsel for advice.

1., December 23, 2022
2., December 23, 2022