The SECURE (Setting Every Community Up for Retirement Enhancement) Act was first signed into law on December 20, 2019. The original iteration of the bill made several much-needed adjustments to the country’s retirement system. However, it wasn’t a comprehensive solution to the retirement crisis in America. On December 29, 2022, President Joe Biden signed SECURE Act 2.0 into law. SECURE 2.0 is a huge step forward in addressing the retirement savings gap and adds more than 90 new retirement plan provisions. Broadly speaking, the bill introduces several significant changes for small businesses and those saving for retirement by:
- Promoting saving earlier for retirement, as well as increasing some limits
- Boosting incentives for small businesses to offer retirement plans
- Offering those age 60+ more flexibility for saving as they approach retirement
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