Episode 213: What's the Latest Update for Secure Act 2.0?

David starts the conversation by describing the changes you can expect from SECURE Act 2.0 and what these changes will mean for your retirement plans. According to David, too many workers retire without enough savings to comfortably live. However, SECURE Act 2.0 may change all of that by expanding coverage, increasing amounts on savings, and simplifying the current retirement system. David explains why SECURE Act 2.0 enjoys broad bi-partisan support. Although SECURE Act 2.0 still has a long way to go before being passed into law, the Senior Vice President of NAIFA, Diane Boyle, said she is "optimistic" the bill will be passed into law in 2022. David highlights how one of the more notable changes in the proposed bill will move the date for required minimum distribution from 70 and ½ to 75.  Under current law, if you fail to take the right amount in a required minimum distribution, you will be forced to pay a 50% exercise tax. However, with the SECURE Act 2.0, the penalty gets reduced to...