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Avraham "AY"  Rappaport, CLTC

President, Financial Professional


Yaniv "Jay" Natanov

President, Financial Planner


Eli Rappaport

Vice President, Financial Planner


Shlomo Rosenstein

Financial Professional


Ozzie Marizan

Financial Planner


Joseph Greer

Employee Benefits Administrator


Dylan Pinsky

Client Relations Manager


Premier Financial

6395 Dobbin Road, Suite 102

Columbia, MD 21045


Phone:  240-309-6001




November/December 2023

SECURE 2.0 Act Could Impact Your Plans

New Rules on paper with a business objects.

The SECURE Act and SECURE 2.0 Act made several changes that could affect your retirement and estate planning. Understanding what they could mean for your plans and discussing your options with your tax and financial professionals should be a priority. This article summarizes some of the Act's provisions.

Raising the Withdrawal Age
SECURE 2.0 Act raised the age at which you must take required minimum distributions (RMDs) from qualified retirement accounts, such as a 401(k) or other tax-deferred plans. Retirees can wait until April 1 of the year after the year in which they turn 73 to begin taking withdrawals, potentially allowing another year for their account balance to grow. In 2033, the age for taking RMDs will increase to 75. In addition, the tax for missing a required withdrawal has been significantly reduced.

A 10-year Time Limit
The Act imposes a 10-year limit on distributions from inherited IRAs. Previously, IRA beneficiaries could take RMDs throughout their lifetimes and leave the IRA principal to the next generation. Now, recipients of an inherited IRA must deplete the account within ten years. This rule curtails the ability to transfer wealth from one generation to the next. Spouses, dependent children, and disabled or chronically ill beneficiaries are not affected by the 10-year limit.

New Use for Unused Funds
You can convert funds in 529 savings plans* not used for education expenses to a Roth IRA for the account beneficiary. A child or grandchild who does not need all the money in the account to pay for education can now get a head start on retirement savings.

A Searchable Database
The Act requires the creation of a “lost-and-found” database where families can search for qualified retirement accounts that may have been forgotten by the deceased. Lost funds generally default to the state. The purpose of the database is to help beneficiaries claim the funds.

Get Professional Help
Changes brought about by the SECURE Acts may impact your situation. Getting your legal, tax, and financial professionals involved in reviewing your current plans can help determine whether you need to make changes.

* Certain restrictions apply. For example, the 529 savings plan must have been open for more than 15 years and the maximum that the beneficiary may rollover during their lifetime is $35,000. Speak with your financial and tax advisors for additional information.



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Premier Financial is not affiliated with Prudential Financial. Premier Financial sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Premier Financial is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Premier Financial and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Dylan Pinsky is employed by Eli Rappaport and not The Prudential Insurance Company of America or its subsidiaries.
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