More Good News courtesy of SECURE 2.0: There used to be a discrepancy between qualified employer sponsored retirement accounts and IRAs when it came to Required Minimum Distributions (RMD) for Roth accounts.
For IRAs, Roth money was not subject to RMDs. However, if you had Roth money in a qualified plan it was subject to RMD rules.
Secure 2.0 has cleaned up this inconsistency. Now qualified plans will be treated exactly the same as the Roth IRAs in which the Roth portion of your employer sponsored qualified plan will not be subject to RMDs.
That means you’ll no longer be forced to take any of your money out if it’s in a Roth IRA, and you’ll no longer have to transfer funds out of your Roth account into an IRA as the account ages.
Confused by all the rules, regulations, and changes? That’s why we’re here. Ask the professional retirement plan consultants at Concierge Retirement Services to help you find the best plan for you.