Year-end Spending Package Tackles Retirement Planning, Conservation Easements
The law also relaxes the penalties for failing to take full RMDs
Just before the end of 2022, (Dec. 22, 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
The original SECURE Act, enacted in 2019, was a significant bipartisan law related to retirement savings. In the spring of 2022, with an eye toward building on the reforms in that law, the House of Representatives passed the Securing a Strong Retirement Act. Despite strong bipartisan support, the bill stalled. Then, the U.S. Senate introduced its own retirement legislation, dubbed the Enhancing American Retirement Now Act.
SECURE 2.0 incorporates provisions from both bills and addresses a wide array of areas that make major changes to retirement planning.
Please select this link to read the complete article from OSAP Strategic Partner Clark Schaefer Hackett (CSH).