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As Americans, we’re simply not saving enough for retirement. As a result of this lack of appropriate saving and planning, policymakers deemed it necessary to step in and take action. As a result, the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act of 2022 became law and, as a result, has implemented changes to the retirement system.
How does this impact you?
If you're asking this question, you probably have a 401(k) or other retirement plan through a former employer. The short answer is yes — most retirement plans allow you to roll your plan funds over into an IRA after you've left your employer's service. However, there is more than one way to do a rollover, and how you do it can be critical.
You've worked long and hard for years, saving diligently through your employer-sponsored retirement savings plan. Now, with retirement on the horizon, it's time to begin thinking about how to tap your plan assets for income. But hold on, not so fast. You may need to take a few steps first.