Category: SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years rather than immediately taking effect. Here are several important changes that went into effect in 2024: Pension-Linked Emergency Savings Accounts (PLESAs) More than half of U.S. adults would turn to borrowing when confronted by an emergency… Read more ›

In a surprising move, the IRS announced that the SECURE 2.0 rule, which stated that catch-up contributions for high earners must go into Roth accounts, will be delayed until 2026. Originally scheduled to start in 2024, the delay provides a window for employers’ retirement plans to comply with the law and employees to reap the tax benefits of current catch-up contributions. The rule requires employees aged 50 or above, who earned $145,000 or more the previous year, to direct their… Read more ›

On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering Retirement Savings (SECURE 2.0) The original SECURE Act, enacted in 2019, was a significant bipartisan law related to retirement savings. In the spring of 2022, with an… Read more ›

  Beneficiary designations determine who will receive your assets, such as retirement plans, life insurance policies and, potentially, bank and brokerage accounts, when you die. Even if you’ve made an estate plan that includes a will or trust, you need to regularly update beneficiary designations because these assets typically don’t go through the probate process. Plan to review designations once a year or whenever you experience a major life change, such as a birth, death, marriage or divorce. Recognize Serious… Read more ›

PDF: Washingtonian Magazine Recognizes Debbie May’s Financial Expertise for the Ninth Time Debora E. May, CPA, CFP®, CDFA®, Executive Vice President at Councilor, Buchanan & Mitchell (CBM), director of the firm’s divorce, litigation, wealth management and financial planning practice, and chief investment officer at May Barnhard Investments (MBI), the firm’s financial advisory subsidiary, has been recognized by Washingtonian Magazine as a top financial advisor in the Washington, DC metropolitan region. May has been recognized nine times by Washingtonian over the… Read more ›

In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including minimizing taxes. The most significant provisions include the following changes: Later IRA contributions. Prior to the SECURE Act, you couldn’t contribute to traditional IRAs starting… Read more ›

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on employers. Here are some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019…. Read more ›

With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. As a result, several popular breaks for both individuals… Read more ›