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7 new ways to boost your retirement savings

There’s something for retirement savers of all ages in the key provisions of SECURE Act 2.0 taking effect in 2024. See how they can help you.

 Debra Greenberg headshot
“The ongoing rollout of SECURE Act 2.0 is a reminder that you can’t set and forget your retirement strategy.”

— Debra Greenberg, director, Personal Retirement Product Management, Bank of America

SECURE ACT 2.0, SIGNED INTO LAW at the end of 2022, contains a sweeping set of reforms aimed at making it easier for Americans of all ages to save more for retirement. But — here’s the catch — not all of them kicked in immediately.


Many key provisions were delayed a year (or more), making 2024 a banner year for changes in regulations affecting how you save and plan for your life in retirement. “The ongoing rollout of SECURE Act 2.0 is a reminder that you can’t set and forget your retirement strategy,” says Debra Greenberg, director, Personal Retirement Product Management, at Bank of America. “The rules are constantly changing, and it’s always a good idea to familiarize yourself with what’s new to see whether it makes sense to take advantage of it.”


Below are seven significant changes to retirement regulations taking effect in 2024, with tips for how each could potentially help strengthen your retirement security, plus questions to ask your advisor about the best ways to take full advantage of each, depending on your age and situation.


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A new use for 529 funds not needed for college expenses

A company match on student loan payments

More ways to tap funds in an emergency


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Higher retirement catch-up contributions

The end of RMDs for Roth 401(k)s


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Help for surviving spouses

Higher limits for IRA rollovers to charity

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Merrill, its affiliates and financial advisors do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.


Please consult with your own attorney or tax advisor to understand the tax and legal consequences of establishing and maintaining an HSA plan account and how it could impact your particular situation.

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