In this episode, you’ll learn four key pieces of information from Secure Act 2.0 and how they are beneficial to you right now, including a significant update to the new IRA Beneficiary rule from Secure Act 1.0. The changes made in this new law greatly impact how you should plan for retirement, so through this episode, I will give you tips on how best to utilize these new laws to your benefit.
The four key pieces from the Secure Act 2.0:
There will be more information coming over the next several months as we continue to unpack this 4,000-page piece of legislation, and how it will affect you and your retirement strategy. As always, talk with your financial advisor to help you understand the implications and decisions you can make for your retirement.
In this episode, you’ll also hear:
If interested in learning more now about the Secure Act, here is a link to a youtube video by Dave Ramsey where he quickly breaks down the Secure Act: https://www.youtube.com/watch?v=ZZP0MiI2lRcLooked"
Must-listen Moments:
[00:06:16] Pro-tip number one is when you are first required to take your minimum distribution…you are actually not required to take your minimum distribution until April 1st the following year.
[00:09:16] When we’re making contributions…if you only have enough funds to contribute to one of the two spouses, you should be earmarking the money towards favoring the younger of the two spouses.
[00:14:09] It’s really important to have an emergency savings account…I think Congress is addressing the importance of us being able to have access to some money that’s going into qualified plans to encourage us to save more.
[00:16:55] In theory, they wanted you to take a tenth … every year and equally distribute the money yourself over the time period. But, as we know from the work we did on our episode on biases, we do not like to take money out of IRAs and pay taxes.
Other episodes mentioned during this episode:
The Four Phases of your Financial Journey - Watch here https://youtu.be/_1YDlVnqNkw or listen here https://link.chtbl.com/RTR-Ep7
Thank you for listening! Please share this episode with 2 friends you think need to hear it!
Connect with Danette:
E-mail: Danette@TruNorthWealth.com
Phone: 775.364.0010
Follow Danette Lowe on LinkedIn:
https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/
Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement
This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.