Secure Act 2.0 has changes to the original created by Congress in 2019. The SECURE 2.0 Act is designed to help Americans save for life after work. Financial expert Troy Sharp of Oak Harvest Financial Group explains. "One of the main provision of the SECURE Act is to increase the age at which required minimum distributions must begin - in response to people continuing to work later in life."
Sharp says it helps you build emergency savings into your retirement plan. He adds that it's a complex act that covers a lot of ground. "It has a lot of really good things --- but it is really complex --- so you really want to work with your financial advisor and your tax professional because it could also have some down sides for you!"
Sharp: "It's designed to help people to be able to save more for retirement and have more access to their retirement funds in case of emergency as well." Sharp says it helps you build emergency savings into your retirement plan. He emphasizes that the changes are major.