Nine Big Changes Coming to Retirement Rules

A couple discuss their retirement plan with their wealth adviser. Kzenon/Shutterstock

In December 2022, a follow-up package to the Setting Every Community Up for Retirement (SECURE) Act of 2019 was passed. As part of the Consolidate Appropriations Act of 2023, the new SECURE 2.0 Act altered several rules affecting Americans’ retirement savings.

Many in the finance world felt these changes would help empower individuals and help with savings goals. But what do they mean for the average American? Are they really improved, and do they now offer flexibility regarding retirement savings? Here are nine retirement rules changes.

Required Minimum Distribution Changes

The required minimum distribution (RMD) age changed. Before the SECURE 2.0 Act, the age was 72; under SECURE 2.0, it changed to 73 for individuals who reach age 72 after Dec. 31, 2022, and age 73 before Jan. 1, 2033.