Apparently, the Secure Act did not provide enough for us, so there is a part 2. Secure Act 2.0 has not passed yet, but here are the provisions:

Starting in 2023, the age for taking RMDs would jump from 72 to 73. Then, starting in 2030, it would creep up again to 74. And, finally, it would rise to 75 in 2033.

Allowing 401(k) safe harbor plans to replace SIMPLE plans mid-year. Penalty-free withdrawals up to $1,000 per year to cover personal or family emergency expenses.

Additionally, under current law, failure to comply with RMD requirements results in an excise tax equal to 50% of the year’s required distribution amount. New proposals would decrease the penalty to 10% or 25% if the individual promptly corrected the failure to take a timely RMD.

I like these provisions, we have no idea if they will pass or not.

Disclosures:http://www.hechteffect.net/?page_id=31