The Winds of Change

The Winds of Change

Sweeping retirement plan changes, intended to encourage retirement savings, were signed into law at the end of 2022. These changes are found in the SECURE 2.0 Act, a comprehensive piece of legislation rolled into the larger Consolidated Appropriations Act (“The Omnibus Bill”).

Here are just a few of the many changes blowing our way:


  • RMDs don’t have to be taken until age 73. In ten years, the RMD age jumps to age 75.
  • Beginning in 2024, RMDs are eliminated for Roth accounts within employer plans.
  • The excise tax for failing to timely take an RMD has been dramatically reduced.


  • Beginning in 2025, employer plan catch-up contributions for most participants aged 60 – 63 will increase to $10,000 and be indexed for inflation.
  • Beginning in 2024, IRA catch-up contributions for those aged 50 or older will be indexed for inflation.
  • Also beginning in 2024, catch-up contributions must be made with post-tax dollars for participants making more than $145,000 annually.


  • Beginning in 2025, most employers offering new 401(k) or 403(b) plans will be required to automatically enroll new employees once they become eligible.
  • Employers with existing plans will be exempted.
  • Employees may opt out of coverage.


  • Employer plans and IRAs can offer penalty-free withdrawals for unforeseeable emergencies.
  • Employer plans can also offer penalty-free withdrawals for domestic abuse or terminal illness.
  • Taxpayers making withdrawals can choose to pay back the funds.

Your advisors in the tax, financial, and retirement planning arenas stand ready to help you make the most of these new rules. If you have questions for us at Wright Beamer, please give a call at 248.477.6300.

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