SECURE Act 2.0: 14 Ways the Proposed Law Could Change Retirement Savings

The House-passed bill would automatically enroll some workers in retirement plans, raise the mandatory age for RMDs, and much more.

picture of a retirement savings jar with husband and wife dolls
(Image credit: Getty Images)

Americans saw a number of changes to their retirement savings plans when the Setting Every Community Up for Retirement Enhancement Act, or the SECURE Act, was passed in late 2019. Lawmakers at the time said they weren't done and have since proposed more changes.

With a 414 to 5 vote, the House of Representatives recently approved a second bill – the Securing a Strong Retirement Act of 2022 that would continue to tweak the rules for contributing to and withdrawing from retirement savings vehicles (opens in new tab).

Nicknamed SECURE 2.0, the legislation was introduced by Reps. Richard Neal (D-Mass.) and Kevin Brady (R-Texas), the two Congressmen who spearheaded passage of the original SECURE Act. The bill aims to encourage Americans to save more for retirement, in part by making that process easier. Now that SECURE 2.0 has passed the House, it's on its way to the Senate. It's widely expected that a law to enhance retirement savings will pass sometime this year, given the strong bipartisan support and the nearly unanimous backing of the original SECURE Act. Whether the final law that is eventually enacted will be SECURE 2.0, another bill in the Senate that is similar to SECURE 2.0 but has some differences, or a combination of the two, is right now anyone's guess.

In the meantime, here's a look at 14 ways your retirement savings plan may change if SECURE 2.0 becomes law.

Joy Taylor
Editor, The Kiplinger Tax Letter

Joy is an experienced CPA and tax attorney with an L.L.M. in Taxation from New York University School of Law. After many years working for big law and accounting firms, Joy saw the light and now puts her education, legal experience and in-depth knowledge of federal tax law to use writing for Kiplinger. She writes and edits The Kiplinger Tax Letter and contributes federal tax and retirement stories to kiplinger.com and Kiplinger’s Retirement Report. Her articles have been picked up by the Washington Post and other media outlets. Joy has also appeared as a tax expert in newspapers, on television and on radio discussing federal tax developments.