The Savings Game: How the SECURE 2.0 Act affects your retirement accounts

On Dec. 23, Congress passed the SECURE 2.0 Act of 2022 as part of the Consolidated Appropriations Act, 2023.

The new legislation makes significant changes to the retirement-account rules. Many of these changes affect workplace plans rather than IRAs. Not all of the changes are effective immediately. Some apply in 2024, and some will not be effective for a decade.

What follows are the key changes, according to Ed Slott and Co. (www.irahelp.com).

Required minimum distribution age increase: The age for required minimum distributions increased to 73 starting in 2023. The age limit changes to 75 as of Jan. 1, 2033. If you are subject to the old 70 ½ or 72 age rules, you should continue to follow existing schedules.

The age for required minimum distributions increased to 73 starting in 2023. The age limit changes to 75 as of Jan. 1, 2033. If you are subject to the old 70 ½ or 72 age rules, you should continue to follow existing schedules. Qualified charitable deduction expansion: Starting in 2023, on a one-time-only basis, $50,000 can be contributed to a charitable gift annuity, a charitable remainder unitrust or a charitable remainder annuity trust. The qualified charitable deduction limit, which had been $100,000, will be indexed to inflation starting in 2024.

Starting in 2023, on a one-time-only basis, $50,000 can be contributed to a charitable gift annuity, a charitable remainder unitrust or a charitable remainder annuity trust. The qualified charitable deduction limit, wh