Big Changes Are Coming for 401(k)s
The latest government omnibus spending bill includes big changes to 401(k) and other retirement plans. These provisions will have a huge impact on retirees but contain benefits for all income levels and ages.
The provisions, part of a bill called the SECURE Act 2.0, basically build on changes approved by Congress in 2019, which raised the age at which retirees must begin mandatory withdrawals from their retirement accounts. Most of the changes affect 401(k), 403(b) and SIMPLE IRA employer-sponsored plans.