Ed Fulbright

So, here’s our challenge:

• The SECURE Act 2.0 [Setting Every Community Up for Retirement Enhancement] has passed, making it the most significant piece of retirement legislation since the original SECURE Act was approved in 2019.
• With a total of roughly 100 provisions - mostly around retirement plans - we need to first get our arms around the key changes and assess the implications.
• The good news is that there are numerous benefits to investors relating to more time to save, more ways to save and more ways to use those funds.
• The challenge is simply absorbing the breadth, depth and timing of the changes. Most of these provisions are effective in 2023 and 2024, however, others are pushed out all the way to 2028. 

What’s the Impact? 

• What we’ll dig into today are the highlights of what is called The SECURE Act – parts 1.0 and 2.0 – the first part was passed into law in December of 2019 and version 2.0 passed in December of 2022. The impact is far-reaching, from the Silent Generation and Boomers who are thinking about estate plans, to Boomers and Gen X’ers focused on retirement, to Millennials and Gen Z’ers who will be the recipients of a great wealth transfer in the coming decades.  
• As we all know well, taxes are complicated and impact your savings, investments, and retirement plans. Generally, the new rules are actually very “savings” friendly, however they require that everyone reevaluate their financial plans in order to capture the opportunities they present.  In addition, the government sees businesses as the conduit to help expand and promote retirement savings by their employees.
• I want to make sure you understand how the changes will impact you, your family, and if relevant, your business. Let’s get started.

 

Joining us for this discussion on The New Retirement Rules Secure Act 2.0   is  Markeith Gentry who is the station’s Production Assistant and makes sure Mastering Your Money is available to our listeners.  Welcome back to Mastering Your Money, Markeith Gentry.