"2024 Retirement Savings Guide: New Rules, Maxing Out IRAs, and Policy Shifts"

The Secure 2.0 Act and the Inflation Reduction Act introduce significant changes for retirees starting in 2024, including an increase in the age for required minimum distributions (RMDs) from 72 to 73, the elimination of RMDs for Roth 401(k) and Roth 403(b) plans, and the ability for spousal beneficiaries to delay RMDs from inherited retirement accounts. Additionally, Medicare Part D has expanded its low-income subsidy eligibility, and 529 plan assets can now be rolled over into Roth IRAs with certain conditions. These changes aim to provide more flexibility and benefits for retirees and their beneficiaries.