✔️The age to start taking RMDs increases to 73 in 2023 and to 75 in 2033.
✔️Catch-up contributions will increase in 2025 for 401(k), 403(b), governmental plans, and IRAs.
✔️The legislation requires businesses adopting new 401(k) and 403(b) plans to automatically enroll eligible employees, starting at a contribution rate of at least 3%, beginning in 2025.
✔️Other changes help people continue to save for retirement while paying off student debt, make it easier to move accounts from employer to employer, and help people save for emergencies within retirement accounts.
Investment Advisory Services offered through Elevated Capital Advisors, LLC, an SEC Registered Investment Advisor.