Secure 2.0

Secure 2.0 increases the age retirees must begin taking taxable withdrawals to 73 in 2023 and 75 by 2033, up from the previous 72. It does not, however, increase the age an IRA owner can make a qualified charitable distribution. That age remains at 70½.

How does this affect you?

The extension of the RMD age gives you more time to save and enjoy additional tax-free growth. It also can be significant if you do not want to begin withdrawing retirement funds during an unsettled economic climate, giving you more time for your stock portfolio to recover.
 

Currently, anyone 70½ or older can give up to $100,000 directly from their IRA to a qualified charity without paying income taxes on the distribution. Beginning in 2024, this number will be adjusted annually for inflation.

How does this affect you?

Your generosity can now keep pace with economic shifts.
 

If you are 70½ or older, you can fund a charitable gift annuity, charitable remainder unitrust, or charitable remainder annuity trust by making a one-time election for a qualified charitable distribution (QCD) of up to $50,000 (without being taxed on the distribution) from your IRA during a single calendar year. Note: This opportunity comes with special rules, so contact us to see if this option is right for you.

How does this affect you?

These types of life income gifts allow you to make a gift to a qualified charitable organization and receive lifetime payments to boost your retirement income, or provide a lifetime payment for you or your spouse.