Congress Attempting to Secure Your Retirement
Possible Changes Coming to Your 401k/403b plans
Making its way through Congress is the Setting Every Community Up for Retirement
Enhancement or the Secure Act 2.0. It heads to the Senate as The House of Representatives
passed it overwhelmingly.
It has several changes that can and will affect you. Here is what you need to know:
For older retirees, the RMD would eventually increase from age 72 to age 75 by 2032. That can
sound great but could actually mean you pay higher taxes when you do have an RMD.
If you are 60 and older the catch-up amount for your 401k, now at $6,500 would go to $10,000
for 401k’s and 403b’s, and $5,000 for Simple plans.
If you are younger the Secure Act focuses on two areas. Retirement saving and student loan
debt. Instead of contributing to a 401k, for example, an employee can opt to make contributions
that go to paying off student loans and they would still be eligible for employer matching.
For the first time ever, part-time employees would be eligible to participate in an employer-
sponsored plan.
Rees Bridges brings a unique value to the IFW as both a highly accomplished creative professional and a successful financial services executive to serve in his role as Senior VP, Marketing & Communications.
Over the last decade Rees has served as the lead marketing & communications professional for a Fortune 500 Financial Services firm. He oversaw all advisor marketing strategies, client communications, and the entire firms branding and marketing initiatives.
Rees continues to pursue his passions as a creative professional & musician for over 30 years, with an impressive profile and reputation as a designer, performer, teacher, and studio musician. Here is a little secret: He serves in the role as an international clinician for Mapex drums, Paiste Cymbals and held the record for world’s fastest drummer between 2006 and 2007.
Rees grew up in London, England and currently resides in Miami, Florida. When not at work, he enjoys spending time with family and friends, traveling, and indulging in his passions for music and creative pursuits.
