The Secure 2.0 Act of 2022, a provision included in the $1.7 trillion spending bill signed by President Joe Biden on December 29, 2022, makes significant changes to the rules for retirement accounts like 401(k) plans, IRAs and Roth IRAs. The Act builds on the Secure Act of 2019 which aimed to enhance retirement savings for Americans.

One of the most significant changes for many Americans is the extension of the age for required minimum distributions (RMDs) and increased "catch-up" limits for people over 60. RMDs are the minimum amount that you must withdraw from your retirement account each year, and under the new rules, the age for RMDs will be raised to 73, starting on January 1, 2023, and further to 75, starting on January 1, 2033.