The SECURE 2.0 Act, officially known as the Setting Every Community Up for Retirement Enhancement Act, represents a significant milestone in the evolution of U.S. retirement planning. Building upon the foundation laid by the original SECURE Act of 2019, the updated legislation aims to further enhance retirement security for American workers while addressing evolving challenges.
Enacted to encourage retirement savings and alleviate financial burdens on retirees, particularly lower-income households, SECURE 2.0 introduced over 90 new provisions with effective dates ranging from 2022 to 2028 and beyond. The updates also aim to bolster small businesses' ability to provide retirement benefits to their employees by offering tax credits to offset the cost of plans while simplifying administrative processes.
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