4 new changes for Americans retiring in Europe in 2024

At the end of December 2022, the SECURE 2.0 act passed Congress and brought along new changes and some confusion for people about to retire or in retirement. In total there are more than 90 provisions that are being added in over the next 10 years.

Here’s a quick summary:

1. New dates and rates for Required Minimum Distributions (RMDs)

   1. Those who were born between 1951 and 1959 must take RMDs at age 73.

   2. Those born in 1960 and later will have their RMD pushed back to age 75.

2. There’s a new way to roll over unused 529 plan funds to a Roth IRA

   Great for parents who had put away funds in a 529 plan but were facing large tax bills.

3. Changes to Qualified Charitable Contributions (QCRs)

   1. The SECURE Act 2.0 allows the $100,000 limit to be adjusted annually for inflation (rounded to the nearest $1,000) beginning in 2024.

4. Roth 401(K)s no longer have a Required Minimum Distribution

These changes are part of the new Secure Act 2.0 and affect millions of Americans globally. You can find more in-depth context of the changes here.