--- title: "SECURE 2.0 and Your Retirement: Two Quick Reforms You Need to Know" description: SECURE 2.0 is transforming the way people plan for retirement. Get the scoop on the four most important reforms. image: https://blog.bncbank.com/hubfs/Sin%20t%C3%ADtulo%20(1310%20%C3%97%20700%20px).png --- [![BNC-Logo-4C-FC-M](https://blog.bncbank.com/hubfs/BNC-Logo-4C-FC-M.png)](https://www.bncbank.com/) Search for... This field is required - Personal - [Checking](https://www.bnc.bank/personal/checking) - [Savings](https://www.bnc.bank/personal/savings) - [Personal Credit Cards](https://www.bnc.bank/personal/credit-cards) - [Personal Loans & LOCs](https://www.bnc.bank/personal/personal-and-vehicle-loans) - [Wealth Management](https://www.bnc.bank/personal/wealth-management) - [Personal Online & Mobile Banking](https://www.bnc.bank/personal/online-and-mobile-banking) - Business - [Checking](https://www.bnc.bank/business/checking) - [Savings](https://www.bnc.bank/business/savings) - [Business Credit Cards](https://www.bnc.bank/business/credit-cards) - [Ag & Business Loans](https://www.bnc.bank/business/business-loans) - [Wealth Management](https://www.bnc.bank/business/wealth-management) - [401k Planning & Administration](https://www.bnc.bank/business/401k-planning-and-administration) - [Business Online & Mobile Banking](https://www.bnc.bank/business/business-online-and-mobile-banking) - About Us - [Our History](https://www.bnc.bank/about-us/our-history) - [Meet Our Team](https://www.bnc.bank/about-us/meet-the-team) - [Our Customers](https://www.bnc.bank/about-us/our-customers) - [Locations & Hours](https://www.bnc.bank/about-us/locations-and-hours) - [Careers](https://www.bnc.bank/about-us/careers) - Resources - [Quick Links](https://www.bnc.bank/resources/quick-links) - [Blog & News](https://blog.bncbank.com/) - [Guides & Ebooks](https://info.bncbank.com/resources) - [Calculators](https://www.bnc.bank/resources/financial-calculators) Log In [Contact Us](https://www.bnc.bank/contact-us) Account Type Online Banking - Consumer Online Banking - Business 401k Trust Account Remote Deposit Credit Card Loan Payment - Personal Loan Payment - Business Username Log In [Forgot Password](https://my.bnc.bank/forgot) --- [Sign Up](https://my.bnc.bank/enroll) [More Info](https://www.bnc.bank/personal/online-and-mobile-banking) Online Banking ID Log In [Log In](https://bnc.retirement.schwabrt.com/participant/) [Log In](https://icp.infovisa.com/0209) [Log In](https://smartpay.profitstars.com/business/login/bncbank) [Log In](https://www.myaccountaccess.com/onlineCard/login.do) [Log In](https://smartpay.profitstars.com/expressbd/BNCSPBD/BillerDirect/Index/5989974) [Log In](https://smartpay.profitstars.com/expressbd/BNCSPBD/BillerDirect/Index/5989978) # SECURE 2.0 and Your Retirement: Two Quick Reforms You Need to Know [Retirement](https://blog.bncbank.com/hs-fs/hubfs/Sin%20t%C3%ADtulo%20(1310%20%C3%97%20700%20px).png?width=960&length=960&name=Sin%20t%C3%ADtulo%20(1310%20%C3%97%20700%20px).png) | October 30, 2023 | By [Julie Andresen, Senior Vice President - Wealth Management, RPA, CEBS](https://blog.bncbank.com) ![](https://blog.bncbank.com/hs-fs/hubfs/Sin%20t%C3%ADtulo%20(1310%20%C3%97%20700%20px).png?width=960&length=960&name=Sin%20t%C3%ADtulo%20(1310%20%C3%97%20700%20px).png) At the end of 2022, President Biden signed the Consolidated Appropriation Act, 2023.  Just another bit of legislation? Not necessarily, as one of many bills in it is aimed toward retirement—the SECURE 2.0 Act of 2022. It's a huge initiative that’s causing a *lot* of changes in the way people plan for the future. SECURE 2.0 contains a whopping 92 provisions to enhance retirement savings. Not a problem. We’re breaking down two of the top takeaways you should know from SECURE 2.0. ## 1. Higher IRA Catch-Up Contributions Didn’t get to put aside as much as you would have liked? Life happens, and unexpected expenses can throw your retirement plans off course. But what if you had a do-over? Change is coming to help you catch up, thanks to SECURE 2.0. Beginning in 2025, individuals aged 60-63 can make catch-up contributions of up to $10,000 annually to a workplace plan—increasing 2023’s $7,500 limit for those 50 and older. Of course, there’s a bit of a catch: By 2026, individuals aged 50 and older who earned over $145,000 in the prior year must make catch-up contributions specifically to a Roth IRA in after-tax dollars. ## 2. Changes in Required Minimum Distributions (RMDs) “When can I get my money?” That’s mostly up to you, but SECURE 2.0 shifts age requirements for RMDs, moving the required distribution age from 72 to 73 in 2023—all the way to age 75 by 2033. [SECURE 2.0 also reduces the excise tax](https://news.calpers.ca.gov/secure-your-retirement-future-understanding-the-changes-brought-by-the-secure-2-0-act/), or penalty you pay for *not* taking an RMD. As of December 31, 2022, the excise tax has dropped from 50 percent to 25 percent. And if an RMD is corrected in a timely fashion, this can go as low as 10 percent. ## Navigate Retirement and SECURE 2.0 with BNC National Bank Retirement looks different every day—from the time you spend with the grandkids to the money that helps you carry on. SECURE 2.0 streamlines when and how you can collect the vital funds for your golden years. Moving toward retirement? BNC National Bank is ready to help you build toward financial freedom—even if that means navigating retirement reforms. Get in touch with us for personalized retirement planning, and be sure to check out our [*Guide to Retiring*](https://info.bncbank.com/the-guide-to-retiring) for comprehensive information before we chat! [![Retiring Welll Starts Today](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/21575924/041c87b9-2148-45fb-99d2-5d2f71cd4a3a.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/21575924/041c87b9-2148-45fb-99d2-5d2f71cd4a3a) **Share** [mailto:?subject=Check%20out%20https://blog.bncbank.com/secure-2.0-and-your-retirement&utm_medium=social&utm_source=email%20&body=Check%20out%20https://blog.bncbank.com/secure-2.0-and-your-retirement&utm_medium=social&utm_source=email](mailto:?subject=Check%20out%20https://blog.bncbank.com/secure-2.0-and-your-retirement&utm_medium=social&utm_source=email%20&body=Check%20out%20https://blog.bncbank.com/secure-2.0-and-your-retirement&utm_medium=social&utm_source=email) [![New call-to-action](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/21575924/db1f813b-2dfd-4ba2-bdbf-fc9de341fdc3.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/21575924/db1f813b-2dfd-4ba2-bdbf-fc9de341fdc3) ### Subscribe Here! ## Related Blog Posts ### [![Understanding Secure 2.0: Key Changes (And How They Could Impact You)](https://blog.bncbank.com/hs-fs/hubfs/Blog%20%2339%20-%20Understanding%20Secure%202.png?width=960&length=960&name=Blog%20%2339%20-%20Understanding%20Secure%202.png) Understanding Secure 2.0: Key Changes (And How They Could Impact You)](https://blog.bncbank.com/understanding-secure-2.0) ### [![Federal Reserve Interest Rates and Your Retirement Savings](https://blog.bncbank.com/hs-fs/hubfs/Blog%20%2382%20Federal%20Reserve%20Interest%20Rates%20%26%20Your%20Retirement%20Savings.png?width=960&length=960&name=Blog%20%2382%20Federal%20Reserve%20Interest%20Rates%20&%20Your%20Retirement%20Savings.png) Federal Reserve Interest Rates and Your Retirement Savings](https://blog.bncbank.com/federal-reserve-interest-rates-and-your-retirement-savings) ### [![How to Choose the Best Retirement Plan for Your Goals](https://blog.bncbank.com/hs-fs/hubfs/Blog%20%2334%20-%20How%20to%20Choose%20the%20Best%20Retirement%20Plan%20For%20Your%20Goals.png?width=960&length=960&name=Blog%20%2334%20-%20How%20to%20Choose%20the%20Best%20Retirement%20Plan%20For%20Your%20Goals.png) How to Choose the Best Retirement Plan for Your Goals](https://blog.bncbank.com/how-to-choose-the-best-retirement-plan-for-your-goals) [View All Posts](https://blog.bncbank.com) [![Go to BNC Homepage](https://blog.bncbank.com/hubfs/BNC-Logo-4C-FC-M.png)]({url={type=EXTERNAL,%20content_id=null,%20href=https://bnc.bank,%20href_with_scheme=https://bnc.bank},%20open_in_new_tab=false,%20no_follow=false,%20sponsored=false,%20user_generated_content=false,%20rel=}) We help you manage your personal and business finances on your own terms. - Get In Touch - [Contact Us](https://www.bnc.bank/contact-us) - [Locations & Hours](https://www.bnc.bank/about-us/locations-and-hours) - [Join Our Team](https://www.bnc.bank/about-us/careers) - [Investor Relations](https://www.bnc.bank/resources/investor-relations) - About Us - [Blog](https://blog.bncbank.com) - [Our Community](https://www.bnc.bank/our-community) - [Quick Links](https://www.bnc.bank/resources/quick-links) ## Get the newsletter © 2026 BNC National Bank.All Rights Reserved. [Security is a Partnership](https://www.bnc.bank/security-is-a-partnership) [Privacy Policy](https://www.bnc.bank/privacy-policy) [Terms of Use](https://www.bnc.bank/terms-of-use) [Accessibility Statement](https://www.bnc.bank/accessibility-statement)