New laws, known as Secure 2.0, include retirement changes that may affect your saving and your charitable giving. They may even make it easier for you to impact your favorite charitable organizations, such as the University of Delaware. Here are three important things to know about Secure 2.0:

1. It increases the required minimum distribution (RMD) age.

The new law increases the age retirees must begin taking taxable withdrawals to 73 in 2023 and to age 75 by 2033. It does not, however, increase the age when an IRA owner can take a qualified charitable distribution—that remains at 70½.

2. It adjusts for inflation in relation to the $100,000 annual limit on direct gifts to qualified charities from your IRA.

Are you 70½ or older? If so, you may know about a popular gift option called qualified charitable distributions (QCDs) that allows you to make a gift directly from your IRA to a qualified charity without paying income taxes on the distribution. Historically, the amount you could give was capped at $100,000 per year. This figure will now be adjusted annually for inflation.

3. It allows for a distribution from your IRA to fund a life-income gift*.

If you are age 70½ or older, you can make a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed) from your IRA to fund a life-income gift such as a charitable gift annuity, charitable remainder unitrust or charitable remainder annuity trust. 

These types of life-income gifts allow you to make a gift to the University of Delaware and receive lifetime payments to boost your retirement income or provide a lifetime payment for a spouse, family member or another beneficiary.