Secure 2.0 Act

It’s a new year, which means new tax code changes. Some of those changes involve the Secure 2.0 Act. Many will appeal to tax payers. There are over 100 provisions in this Act, designed to encourage participation in retirement plans. We’ll focus on some of those most likely to be relevant to you. 401(k)s Employers can provide incentives for employees to contribute to their retirement accounts as part of the Secure 2.0 Act provisions. Student loan payments will qualify as employee contributions for employer matches to retirement accounts come 2024. Studies and personal stories argue student loan debt is a barrier to wealth building. By allowing employees to count repayments on higher education costs as substitutes for retirement contribution matches on 401(k)s, younger employees can see the benefits of compound interest earlier with retirement investments.   One of the Act’s provisions involves auto enrollment in employer 401(k) or 403(b) retirement […]