In terms of retirement, 2023 was a very different year from 2022. Gone were the legislative breakthroughs; nothing like SECURE 2.0 or the Inflation Reduction Act made it to President Biden’s desk. But it was still a year of significant changes — both good and bad.
For one thing, 2023 was the year SECURE 2.0 and the IRA began to take effect, yielding both savings and side effects. The Supreme Court struck down Biden’s student debt relief order, putting school loans on a collision course with retirement savings. The Department of Labor proposed a new rule that would extend the fiduciary standard to all retirement advice, stirring the fiercest controversy retirement has seen in a long time.
