If you're one of the many Americans struggleing to save for retirement, the SECURE Act 2.0's new retirement rules may make it easier contribute to tax-advantaged plans. 

Approximately 28% of nonretired adults have no retirement savings, according to a 2023 Federal Reserve study. And even if you do have money saved, the Morningstar Center for Retirement and Policy Studies found that 45% of American households hadn't saved enough to cover all of their expenses.

That's a problem, especially if you're nearing retirement age.

Passed in 2022, the SECURE Act 2.0 is a piece of legislation that aims to improve access to retirement savings vehicles. This legislation builds on changes enacted by the original SECURE Act, or Setting Every Community Up for Retirement Enhancement Act, passed in December 2019.

Some parts of the SECURE 2.0 Act have already been rolled out, but other changes will go live next January and in years to come. Here's how these retirement changes could affect you. 

New required minimum distribution rules

When they take effect: 2023 to 2033

Required minimum distributions, or RMDs, are mandatory withdrawals you're eventually required to make from retirement accounts funded with pretax money like traditional 401(k)s and traditional IRAs. Those distributions are taxed as ordinary income. RMDs exist because the IRS wants to be sure you eventually pay taxes on the money you invested.

The SECURE Act 2.0 brings several changes to RMDs, including:

• Higher RMD age: The SECURE Act 2.0 pushed back the RMD age from 72 to 73 in 2023. But in 2033, it will increase again to 75.
• Lower penalties for not taking RMDs: The SECURE Act 2.0 reduced the penalty for not taking RMDs from a hefty 50% of the required distribution to 25% in 2023. If you take actions to correct the mistake in a timely manner, the penalty can be lowered to 10%.
• No RMDs from Roth accounts: Roth IRAs have long been exempt from RMDs, unless they were workplace Roth accounts. As of 2024, however, RMDs are no longer required for any type of Roth account.