The SECURE Act pushes the age that triggers RMDs from 70½ to 72, which means you can let your retirement funds grow an extra 1½ years before tapping into them. That can result in a significant boost to overall retirement savings for many seniors.
Likewise, what is the new retirement bill?
SECURE Act 2.0 increases the required minimum distribution age further to 73 starting in 2022, and increases the age to 74 starting in 2029 and to 75 starting in 2032. The original SECURE Act expanded eligibility for long-term, part-time workers to contribute to their employers’ 401(k) plan.
Moreover, is a 401k affected by the stock market?
The success of the stock market doesn’t affect 401(k) plans equally. Some portfolios may be heavily invested in assets tied to the market’s performance, such as an index fund that tracks the overall market, Hamrick said.