Administrator and custodian of self-directed retirement plans outlines changes that affect IRAs from SECURE Act 2.0 and other legislation.
ROSELAND, NJ, February 24, 2023 /24-7PressRelease/ — Next Generation Services has published updates for account owners of self-directed IRAs and other retirement accounts related to the recently enacted SECURE Act 2.0. The SECURE Act 2.0 was part of President Biden’s $1.7 trillion omnibus spending bill that was signed into law on December 29, 2022.
The account disclosures cover historical updates that affect IRAs starting with the enactment of the SECURE Act of 2019 through the CARES Act and now, SECURE Act 2.0. Taxpayers can follow the chronology of changes and download the sheet as reference.
The SECURE Act 2.0 contains over 100 provisions that affect IRAs and qualified workplace retirement plans, with many scheduled for implementation in 2024 and beyond. Among the chief provisions in effect this year, shared on Next Generation’s account disclosure form, are:
• The increase in the age at which retirement plan owners must begin taking required minimum distributions (RMDs); this rose from age 70 ½ to 73 for taxpayers who will turn age 72 during 2023 or later
• Higher contribution limits for Traditional and Roth IRAs (up by $500 for either type of IRA)
• Increased catchup contributions for those age 50+, by $1000
• Higher AGI (adjusted gross income) phase-out ranges for determining Traditional and Roth IRA deductions for active participants
“We know how important it is for our clients and owners of retirement plans to be aware of legislative updates that can affect their accounts,” said Jaime Raskulinecz, founder and president of Next Generation. “As other provisions of the SECURE Act 2.0 are enacted in the future, we will share those updates, and invite people to check our website periodically for information about retirement plans.”
Next Generation also published a blog article that outlines some additional changes to retirement plan rules that will be enacted in the future, which you can read here. Those cover some updates related to plan sponsors/employers, employees who participate in a workplace retirement plan, and owners of IRAs.
Next Generation specializes in administrative and custodial services for self-directed IRAs, which allow investors to include a broad array of alternative assets within their retirement plans. Anyone interested in learning about self-direction as a retirement wealth-building strategy is encouraged to sign up for the company’s newsletter, read the blog, or watch Next Generation’s on-demand webinars.
About Next Generation Services, LLC
Founded on the philosophy that every person should have control over their own retirement plans, Next Generation educates consumers and professionals about self-directed retirement plans and nontraditional investments, a strategy at one time reserved only for the very wealthy. Next Generation Services provides comprehensive account administration and transaction support, and its sister company – Next Generation Trust Company – acts as custodian for all accounts. The neutral third-party professionals at Next Generation expertly guide clients and their trusted advisors as part of their white glove, personalized service for a seamless transaction experience from start to finish. For more information, visit www.NextGenerationTrust.com, or contact Next Generation at 888.857.8058 or [email protected].
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