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Older workers and current retirees get a boost from Secure 2.0

The recently passed 2023 Omnibus Appropriations bill, now en route to President Biden for signature, contains a host of provisions aimed at benefitting workers preparing for retirement or already in their retirement years. Included in the massive $1.7 trillion package, for example, is a change in the start year for required minimum distributions from private retirement plans from age 72 to age 73 (with a provision to move it to age 75 in ten years. The bill also increases “catch up” contributions for older workers, as well as changes to incentivize businesses to make savings plans–like 401(k) or 403(b) plans–available to more workers. Overall, there are quite a few new measures that will benefit current and future retirees, and you can read more about them here…

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