Retirement Daily Editor and Publisher and host of Yahoo Finance podcast Decoding Retirement Robert Powell joined Wealth to explain the benefits of qualified charitable distributions (QCDs) and the upcoming Secure 2.0 Act.
Powell highlighted that individuals aged 70½ or older can contribute directly to charity, transferring up to $105,000 from their individual retirement account (IRA). These contributions do not count toward taxable income. For those 73 and older, the charitable donation can satisfy the required minimum distribution (RMD) requirements.
He also discussed the Secure 2.0 Act, which includes 92 provisions that will take effect in 2025. He focuses on the benefits of the 'Super Catch-Up' provision.
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This post was written by Angel Smith