Podcasts about setting every community up

It's been almost two years since the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, was officially implemented. Containing more than 90 provisions impacting retirement, this massive piece of legislation is described as “the gift that keeps on giving,” with some aspects still rolling out. In episode 69 of Revamping Retirement, hosts Audrey Wheat and Jennifer Doss talk with Fidelity's Angela Capek and Shanna Costa to learn what plan sponsors are saying about the ways SECURE 2.0 has disrupted the retirement industry.

Did you inherit an IRA from a non-spouse on January 1, 2020 or later? Well a big change happened this summer that you should be aware of that could impact your 2023 tax season. On this episode, I'm unpacking the passing of and subsequent changes to the SECURE Act, how to best manage an inherited IRA in light of these changes, and how you can leave a legacy with a Roth account. You will want to hear this episode if you are interested in... Unpacking the history of the SECURE Act [2:20] Managing an inherited IRA [9:48] Leaving a legacy with a Roth account [14:47] Understanding the SECURE Act The passing of the SECURE Act in January 2020 brought a significant shift in the landscape of inherited retirement accounts. This act, an abbreviation for "Setting Every Community Up for Retirement Enhancement," altered the rules for beneficiaries inheriting retirement accounts after the set date, restructuring the required minimum distribution (RMD) criteria. Previously, non-spousal living beneficiaries had three distribution options: taking a lump sum, emptying the account within five years of the owner's death, or taking annual lifetime distributions based on their age. However, the SECURE Act introduced changes for beneficiaries post-January 1, 2020. It classified beneficiaries into designated and non-designated categories, further distinguishing between eligible and non-eligible designated beneficiaries. Eligible designated beneficiaries, including surviving spouses, disabled individuals, chronically ill persons, those within a 10-year age range of the deceased, and minor children, retained the option of lifetime distributions. Conversely, non-eligible designated beneficiaries inheriting traditional IRAs after January 1, 2020, lost the lifetime distribution choice. Instead, they must empty the account within 10 years of the original owner's death or face taxation. The complexity amplified with IRS proposed regulations in February 2021, creating subdivisions among non-eligible designated beneficiaries based on the original account owner's required minimum distribution age. Those inheriting from owners before this age had the liberty to wait until the 10th year to begin withdrawals, while those after the age were required yearly distributions from year one of the 10-year window. Managing an inherited IRA Managing an inherited IRA can be a complex yet crucial aspect of financial planning. If you've inherited a retirement account after the original owner reached the required minimum distribution age, understanding the process becomes essential. For instance, if you inherit a $300,000 IRA at 55 years old, determining your RMD involves dividing the previous year's balance by your factor from the life expectancy chart. This calculation mandates annual withdrawals, recalculated based on the prior year's balance and adjusted life expectancy factor.  However, strategic planning becomes pivotal in optimizing taxes on these withdrawals. Consulting a financial advisor or accountant becomes crucial to align these IRA distributions with your overall financial landscape, considering potential income sources, Social Security, pensions, capital gains, and future required minimum distributions from personal accounts. Navigating an inherited IRA involves more than mere withdrawals; it's a balancing act between meeting RMDs and minimizing tax impact. Careful planning and leveraging available resources can optimize your inherited IRA management for long-term financial stability. Listen to this episode for more on new beneficiary IRA distribution requirements! Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Publication 590-B  Inherited IRA RMD Calculator Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact

The Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 was passed in December 2022. Some sections are already in effect and others begin January 1, 2024. The law focuses mainly on retirement and tax-related issues, but has significant implications for estate planning, also. People who have estate plans that list trusts as beneficiaries of retirement accounts are advised to have them reviewed and updated to ensure that their plans continue to meet their financial and estate planning goals.     WHAT YOU NEED TO KNOW   (01:56) The original SECURE Act was passed on Christmas Eve in 2019. The SECURE Act 2.0 was passed in December 2022. The law includes consequential changes.   (02:54) Before the SECURE Act, estate planners would often create an accumulation trust as the beneficiary of a retirement account. Benefits could accumulate, providing long-term asset protection and the ability to stretch out tax payments over the lifetime of the heir(s).     (4:00) Now, spouses can still stretch out taxes over their life expectancy, but children have 10 years to pay.     (07:01) The SECURE Act also means loss of asset protection. For the spouse and the child, a conduit trust (which requires distribution of assets) replaces the accumulation trust.   (08:38) Review all your documents currently in place that have trusts listed as the beneficiary of a retirement account!   (11:00) Bellomo & Associates has the updated language and has reached out to all clients who need their documents changed. Please contact us if you fall into this category but have not yet made the changes.   (14:47) We highly recommend that you list contingency beneficiaries.   (17:14) Connect with your lawyer at least once a year. Laws change regularly and, increasingly, banks want powers of attorney to be less than one year old.    (18:23) Our Red Wagon Club lets families update documents as often as they want for a very low maintenance fee. It's a great way to make sure that your documents are ready when you need them.   LINKS AND RESOURCES MENTIONED Bellomo & Associates workshops:https://bellomoassociates.com/workshops/ Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of Medicaid For more information, call us at (717) 845-5390. Connect with Bellomo & Associates on Social Media Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/ X (formerlyTwitter):https://twitter.com/bellomoassoc YouTube: https://www.youtube.com/user/BellomoAssociates Facebook:https://www.facebook.com/bellomoassociates Instagram:https://www.instagram.com/bellomoassociates/ LinkedIn:https://www.linkedin.com/in/bellomoandassociates WAYS TO WORK WITH JEFFREY BELLOMO Contact Us:https://bellomoassociates.com/contact/ Practice areas:https://bellomoassociates.com/practice-areas/    

If someone mentioned that the Setting Every Community Up for Retirement Enhancement (SECURE) Act could help your business, it might sound like just another ridiculous sales pitch. However, this piece of legislation is here to stay. With the help of a special guest, the guys discuss how its provisions aren't just for individuals seeking to boost their nest eggs and actually contain many changes for business owners. Tune into the episode to learn how the provisions are designed to increase savings, lower employers' cost of offering and funding, and, most importantly, the dates on any action items. LINKS: cainwatters.com Submit a Question Facebook | YouTube

Last year, ACT Advisors released its white paper, The 125% Credit Union Executive, which described how credit union leaders could unlock up to 25% more in assets from their executive benefits by applying optimized executive financial strategies. In late 2022, the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 was passed, including provisions that offer credit union executives additional opportunities to gain even more value from their benefits. In this episode of “C.U. on the Show,” ACT Advisors Operations Manager Nicolette Speziale, CFP® takes over as host to interview ACT Advisors founder Doug English, CFP® and partner Wes Johnson, CFP® about the changes, their unique implications, and what credit union executives should consider in their wealth management strategy before and after retirement. Stream the episode to hear about the provision that can provide even more value—up to 40%—to credit union leaders and the strategies Doug and Wes recommend to reach the full potential of your executive benefits package.

Just when you think Congress can't do anything right, they go ahead and pass the SECURE Act 2.0.  There are actually a lot of “right things” in the latest version of this legislation, which was signed into law a few months ago. One this Faith and Finance, we'll talk about how it affects your retirement, whether you're in it, or still saving for it. Okay, a little background first. Congress loves acronyms, so understand that SECURE stands for Setting Every Community Up for Retirement Enhancement. The first SECURE Act was passed in 2019 and made several improvements to make retirement saving easier.SECURE ACT 2.0The latest version, the SECURE Act 2.0 as it's come to be known, builds on that, starting with changes to Required Minimum Distributions that you'll have to take in retirement.The age for taking your RMD has been increased from 73 to 75 if you turn 72 after January first of 2023 and that takes effect this year. That means you'll have an extra two years to build your retirement savings before making a mandatory withdrawal and paying taxes on that money. That's a definite improvement.A few more RMD improvements. Starting in 2024, If you have a Roth account with your 401(k) or 403(b) plan, you'll no longer have to take RMDs from that account during your lifetime.Also, if you're late taking an RMD or you miss one, the penalty has been reduced from 50% of the RMD to 25% starting this year. And if you correct the mistake within what's called a “timely manner,” the penalty is further reduced to 10%.The new legislation also makes things easier if you're struggling to pay off student loans and save for retirement. Employers with 401(k) plans, 403(b) plans, governmental 457(b) plans, and SIMPLE IRAs now have the option to match contributions on qualified student loan payments to your retirement account. That means your loan payments will be treated as elective deferrals just like your retirement contributions.Now, you know how we're always telling you to have an emergency fund in place with 3 to 6 months living expenses? The SECURE Act 2.0 will now give you a place to store those funds where they can make greater gains than in a savings account.Employers now have the option of adding a Roth “emergency fund” to their plans for most employees. Participants will be able to make limited contributions to those special Roth accounts and have penalty-free access to those funds when needed. And bonus— those contributions will be eligible for employer matches. That, as they say, is a game-changer.If you've been late making contributions to your retirement plan, there's also an increase in catch-up contributions. Starting in January of next year, if you're between ages 60 and 63, you'll be able to make larger contributions to your employer plan.The new limit will be $10,000 or 50% of the regular catch-up amount, whichever is greater, and that will be indexed to inflation. The IRA catch-up amount stays at $1,000, but that will also be indexed to inflation.Starting on January 1, 2025, individuals aged 60 to 63 will be able to make larger catch-up contributions to employer-based retirement plans. The limit for people in that age range will be the greater of $10,000 or 50% more than the regular catch-up amount, indexed to inflation. Also, the current IRA catch-up contribution amount of $1,000 will be indexed for inflation starting in 2024.Now, if you're starting to think that Congress did all this out of the goodness of their hearts, keep in mind that many of these new provisions are aimed at increasing Roth contributions. Since those contributions are made with “after-tax” money, it means that Uncle Sam gets his cut now, instead of having to wait.An example in the new legislation is that Roth accounts in company 401k and 403b plans are now eligible for matching employer contributions. But to be fair, increasing Roth contributions also works to the benefit of younger investors who are likely to be in a lower tax bracket now, rather than later in life.Proverbs 21:20 tells us, “Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.” and it would certainly be wise to take advantage of all these changes in the rules for retirement savings.On this program, Rob also answers listener questions: When does it make sense to take money out of retirement savings to pay off your home?What is the best way to save for retirement when you're getting a late start on investing?Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.  

The Setting Every Community Up for Retirement Enhancement (“SECURE”) Act of 2019 was the most significant retirement-related legislation since the Pension Protection Act of 2006. The Act significantly altered the estate planning landscape for retirement account owners by eliminating the stretch IRA for most non-spouse beneficiaries and introducing new rules for trust beneficiaries. To learn more about tax and estate planning with retirement account I'm joined on this episode by Bernstein National Director of Tax Research Bob Dietz.With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Did my retirement plan just change? The Setting Every Community Up for Retirement Enhancement (SECURE) Act became effective January 1, 2020. But a new law became effective January 1, 2023, the SECURE Act 2.0 of 2023. Changes in required age minimum distributions of 401(k), 403(b), and 457(b) plans have occurred. It is no longer 70 1/2. The age for required minimum distributions increases to 72 and now 73, which may impact your Medicare premiums or tax bracket. We give concrete examples in this podcast. We also discuss the Protected IRA Plus Plans, which can provide guaranteed lifetime income, protection of assets from market losses, tax free withdrawals specifically for long term care, tax free growth and tax free income later, as well as tax free death benefits.Being Well Informed is a podcast, which airs weekly on Spotify, Apple Podcasts, Google Podcasts, iHeart Radio, Amazon Music, and other platforms such as You Tube. We discuss trending topics impacting the community. 

The Setting Every Community Up for Retirement Enhancement (SECURE) Act brought about significant changes to retirement planning in December 2019, and the retirement planning landscape has once again been updated with the passage of the SECURE Act 2.0. In this episode, Michael, Tommy, and John are joined by Ben Raikes, CFP, to discuss how this could impact your financial future. They examine the updated rules around Roth IRAs, the expanded access to distributions from TSP, and more.  Access the full show notes at Mason & Associates, LLC

The Setting Every Community Up for Retirement Enhancement Act of 2019, popularly known as the SECURE Act, was signed into law in late 2019.Now called SECURE Act 1.0, it included provisions that raised the requirement for mandatory distributions from retirement accounts and increased access to retirement accounts.But it didn't take long for Congress to enhance the landmark bill that was enacted barely three years ago.Tucked inside a just-passed 4,155-page, $1.7 trillion spending bill are plenty of goodies, including another overhaul of the nation's retirement laws.Dubbed SECURE Act 2.0, the bill enjoys widespread bi-partisan support and builds on SECURE Act 1.0 by strengthening the financial safety net by encouraging Americans to save for retirement.Here are 9 key takeaways.

Every once in a while, Congress makes changes to your retirement. In this episode of the One for the Money podcast, I talk about recent, significant changes. Your financial plan must take advantage of these changes because there are always winners and losers when Congress makes changes. In the tips, tricks, and strategies portion, I share tips on reducing your taxes in retirement.In this episode...The SECURE Act [01:05]Required Minimum Distributions(RMD) [03:31]Transferring funds from a 529 to a Roth IRA [06:24]Lowering your RDMs [10:01]The SECURE Act of 2019In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. And in December 2022, they passed the SECURE Act 2.0. Before looking into the follow-up version, it's essential to understand the original. The 2019 law brought massive changes to retirement planning. The most notable was the death of the Stretch IRA. The stretch IRA was an estate planning strategy where your child would inherit your not-yet-taxed retirement account and distribute it over their entire lifetime, giving them significant tax savings. So a daughter who inherited a million-dollar IRA could spread out the distributions over a few decades, significantly reducing the taxes she would need to pay. As of 2019, a non-spouse must take those distributions in just ten years. This results in their paying significantly more in taxes because they would have to distribute much larger amounts over a shorter period. Beneficiaries will be paying way more taxes than before the 2019 SECURE Act.What is a Required Minimum Distribution?When you contribute money to a pre-tax retirement account, you have elected to pay taxes when you take the money out in your retirement, hoping your income and tax rate will be lower. Since you haven't paid taxes on this money, Congress forces you to take money out each year starting at a certain age. In 2019, Congress raised the age from 70.5 to 72. One of the reasons is that people are working longer because they didn't save up enough for retirement. In the new SECURE 2.0 Act, Congress pushed out the RMD required dates even further. Those born between 1951 and 1959 are required to start taking money out at age 73. People born in 1960 or later can wait until age 75. That's a great thing because it allows their money to grow longer without being taxed. Some people might consider not taking their RMDs, but the IRS would penalize them for that. The penalty for a missed RMD used to be 50%. So if the requirement were $10,000, the IRS would charge $5,000. Now that amount is 25%, and if corrected promptly, the penalty is reduced to just 10%. SECURE Act 2.0One of the best changes made by SECURE 2.0 is that it made it possible to transfer funds from a college savings account, also known as a 529, to a Roth IRA for the beneficiary. This process can start in 2024, but several conditions must be satisfied before a transfer can be valid. The Roth IRA receiving the funds must be in the name of the beneficiary of the 529 plan. The 529 plan must have been maintained for 15 years or longer, and any earnings and contributions to the 529 plan within the last five years are ineligible to be moved to a Roth IRA. The annual limit for these transfers is whatever the individual's limit is for a Roth IRA that year. The maximum amount that can be moved from a 529 plan to a Roth IRA in an individual's lifetime is $35,000. This new strategy could be used for higher net-worth families to prime the retirement pump for children, grandchildren, and other loved ones. A meaningful contribution could be made to a 529 plan when the child is born. Then, after the account has existed for over 15 years, the account's funds could be moved to a Roth IRA for the child's benefit. The transfer rules require that the child have...

In late December, as many people were taking time off to celebrate the holidays, the President and Congress passed new legislation. The SECURE 2.0 Act of 2022 gets its name from Setting Every Community Up for Retirement Enhancement. It's aptly named 2.0 because it's a follow up to the SECURE Act of 2019. It has dozens of new provisions aimed at improving retirement security among U.S. workers.See omnystudio.com/listener for privacy information.

At the end of 2022, Congress passed The Secure Act 2.0. Originally ratified in 2019, this new version introduces even more changes to the ways Americans save for retirement. On this episode, I'm going to cover nine ways The New Secure Act 2.0 will impact current and future retirees.  You will want to hear this episode if you are interested in... Changes to required minimum distributions [1:48] Higher catch-up contributions in 2025 [3:42] Receiving vested matching contributions to Roth accounts from employers [4:44] Making qualified charitable distributions [5:34] Introducing qualified longevity annuities [6:45] Automatic 401k and 403b enrollment and plan portability [7:49] Contributing to a retirement emergency fund [8:46] Saving for retirement by paying off student loans [9:32] Rolling over a 529 Plan to a Roth IRA [9:57] Change is coming  The Secure Act stands for “Setting Every Community Up for Retirement Enhancement” and is designed to provide more accessibility and flexibility when saving for retirement. The Secure Act 2.0 changes several things about its predecessor while introducing new tools for the retirement savings toolbelt. One of those changes is starting January 1st of 2025, individuals 60-63 years old can make catch-up contributions to a workplace retirement plan up to $10,000 annually. Also, the $1,000 catch-up contribution limit for people 50 and older will be indexed for inflation starting in 2024. This means the amount could rise every year based on federally determined cost of living increases. Another provision made by The Secure Act 2.0 allows defined contribution retirement plans to add a designated Roth account as an emergency savings account. These accounts would be eligible to accept participant contributions from non-highly compensated employees starting in 2024. The contributions would be limited to $2,500 annually or a lower amount set by the employer. The first four withdrawals in a year are tax and penalty-free, and depending on your plan's rules, contributions may be eligible for an employer match. This gives you the ability to set up an invested emergency fund that grows tax-free and allows you to pay for both short-term and unexpected expenses. How The Secure Act 2.0 impacts required minimum distributions Required minimum distribution (RMD) changes are another big part of The Secure Act 2.0. As you may know, RMDs refer to the age at which you have to start taking money out of your retirement accounts. The original Secure Act increased that age from 70 to 72. Thanks to 2.0, that age increased to 73 starting January 1st of this year, and individuals turning 72 in 2023 will be able to delay their RMD until the following year. Additionally, the RMD age raises to 75 in 2033. Prior to the passing of The Secure Act 2.0, there was a steep 50% penalty on late or insufficient RMD withdrawals. Starting in 2023, that penalty drops to only 25%, and further decreases to 10% for an IRA owner that fails to withdraw their RMD but corrects it in a timely manner. Additionally, Roth IRA accounts and employer-sponsored retirement plans will be exempt from required minimum distributions beginning in 2024. Listen to this episode to hear all the ways The Secure Act 2.0 could affect your retirement savings! Resources Mentioned  Changes To Required Minimum Distributions For 2020, #3 Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact

Jan 23, 2023 – Today, we pick up with the second part of our Lifetime Planning discussion on Secure Act 2.0, which was passed December 29, 2022 and includes a number of important changes to the Setting Every Community Up for Retirement...

When our leaders in Washington passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, it marked a major change in retirement planning. In a sense, the government was codifying advice that many financial advisors -- including my team at Keen Wealth -- had been giving for years. The next generation of retirees is going to live longer, with more active lives than any before it. Very few younger workers are going to stay at the same company for decades and earn generous pensions. Very few older workers will automatically retire at 65. And for most folks, Social Security alone will not fund a safe, secure, and rewarding retirement.   In other words: folks have to start taking more personal responsibility for their retirement planning. On today's show, we discuss the SECURE Act 2.0, which was included in the omnibus spending bill Congress passed at the end of 2022. Many of the changes in this sequel may seem like smaller tweaks compared to the original. But tracking these changes and using them to your advantage will be key to getting the most out of your nest egg and your retirement. 

Several years after the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 brought the first major changes to the U.S. retirement system in over a decade, more updates have been made. The SECURE Act 2.0. has brought largely good news for many people, giving them a better chance for retirement success and helping both employees and employers. So what does this mean for retirement plans and how will this impact your clients? In this episode, Steven will share several highlights of the new law and explain what this means for you and your clients.

The much anticipated Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 recently passed Congress as part of the Consolidated Appropriations Act of 2023. While no single change made in this act will have the same level of effect on your retirement planning as some changes made in the original SECURE Act, passed in December 2019, there are far more provisions in this act that may impact your planning.    Hear Tyler Emrick, CFP, CFA discuss some of the more impactful changes and how they will affect your planning and retirement.     Here's some of what you'll learn in this episode: What is the SECURE Act and why another update? (1:23)  Big changes to RMDs including age being pushed back again.  (3:22)  The Roth changes that you can start planning for. (8:29) Catch-up contributions for high-income earners will be required to be Roth. (11:11) A 529 to Roth transfer will be allowed after 15 years. How can you qualify for that? (13:47) Additional contribution increases coming in 2024 and 2025. (17:10) A few other changes that we think you should know about. (20:18)   Have questions?   Need help making sure your investments and retirement plan are on track? Click to schedule a free 15-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth

Welcome back Wine and Dime listeners. These next three episodes will be focusing on the SECURE Act 2.0. On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023, which included the SECURE Act 2.0, which was part of the 2023 Omnibus Spending Bill. It made for good reading over the past week. For those inquiring minds that want to know what “SECURE” stands for, it is “Setting Every Community Up for Retirement Enhancement.”This is going to focus only on the SECURE Act provisions, but there is soooooo much more! Here is a link to the actual bill if you have trouble sleeping some night: BILLS-117hr2617enr.pdf (congress.gov) In part 1, you will learn about:What's an RMDWhat are the new rules for RMD'sHow those changes may affect you or someone you knowThanks for listening and be sure to like, rate, subscribe and share. If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.comOr visit us at www.rootedpg.com/podcasts for full show notes and links!Rooted Planning Group BLOG about Secure Act 2.0 SECURE Act 2.0Pudding River Wine Cellars Boutique-styled wines from Oregon - Boutique Winery, Vineyard, Tasting Room, Custom Crush We are located in the heart of Oregon's idyllic east Willamette Valley at the foothills of the Cascade Mountains and about an hour's drive south from Portland. Once a poultry farm, our property sits along the banks of the Pudding River, a 62-mile tributary in the valley fed from the Cascade Range. We planted our vines in 2004 and yielded our first commercial vintage in 2006. Our dedication to producing world-class wine in the classic Oregon style while using sustainable methods, has been recognized by the Wine Spectator and Wine Enthusiast with a growing accumulation of accolades from wine and food competitions in the region. Recently, our wines scored high marks at the acclaimed San Francisco International Wine Competition.THIS EPISODE WAS PRESENTED BY AMY IRVINE ROOTED PLANNING GROUP 10 EAST MARKET STREET CORNING NY 14830 WWW.ROOTEDPG.COM EMAIL: AMY@ROOTEDPG.COM

Jan 9, 2023 – Secure Act 2.0 was passed December 29, 2022 and includes a number of important changes to the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Today, we discuss some of the key details...

In the waning days of 2022, President Biden signed into law legislation that had moved through the House and the Senate on a strong bipartisan basis that greatly expands retirement savings opportunities for working Americans. In this episode Nevin (Adams) & Fred (Reish) unpack some of the major provisions, and their implications for retirement. Episode Resources SECURE 2.0 Resource Page As a top priority of the American Retirement Association, the SECURE 2.0 Act of 2022 was signed into law by President Biden on Dec. 29, 2022. The legislation, which was included in Division T of the Consolidated Appropriations Act, 2023 (H.R. 2617), builds on the foundation laid by the 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act to further improve upon the success of the private employer-based retirement system by making it easier for businesses to offer retirement plans and for individuals to save for retirement. https://www.napa-net.org/secure-20 The 10 Highest Impact Provisions of the SECURE 2.0 Act There are 92 provisions in the new SECURE 2.0 Act—and by at least one assessment, they are “almost universally good, with ‘good' being defined as ‘helpful to the cause of promoting retirement security.'” Group Plan Systems' Pete Swisher and Cherisha Chapman rank the Top 10 Impact Provisions—and Top 5 new burdens. https://www.napa-net.org/news-info/daily-news/10-highest-impact-provisions-secure-20-act It's Official: SECURE 2.0 Enacted into Law Capping off months of anticipation and hard work, the SECURE 2.0 Act of 2022 is now law, thanks to President Biden signing the legislation Dec. 29 after it was flown down to him while on vacation in St. Croix, U.S. Virgin Islands. https://www.napa-net.org/news-info/daily-news/it%E2%80%99s-official-secure-20-enacted-law

In December 2019, The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was enacted and signed into law. The Act was the most significant piece of legislation impacting employee benefit plans since the Pension Protection Act in 2006, and includes a plethora of changes to the laws governing employer-sponsored retirement plans, specifically impacting defined contribution and defined benefit plans, IRAs, 529 plans and governmental plans. And then the pandemic hit. So while the SECURE Act has been in place for over two years, many employers are still grappling with what adjustments they need to make. How has the SECURE Act impacted post-death required minimum distributions? How has it impacted long-term part-time employees and their participation in defined contribution plans? Grab your cup of coffee and tune in to hear Richard and Sarah chat with Seyfarth's Irine Sorser about these pressing questions and more!

Wait for it! Who knew that anticipating one person's “Byeee!” could create such compelling podcast drama? We don't want to undersell the exciting insights Host Josh Bretl is sharing about the Secure Act of 2019 on this episode of The Retirement Equals Freedom Podcast. But its special guest Erin Fogarty, an advisor at FSR Wealth, who generates the emotional high points! (You just have to listen really, really closely …)In the meantime, if you're stashing earned income in an IRA-type retirement account, you'll want to know all about the implications of a new and evolving law whose reassuring acronym – SECURE – stands for “Setting Every Community Up for Retirement Enhancement Act.”Without proactive financial planning, you may miss the boat on timing distributions and wind up paying taxes you want to avoid! You'll learn about how The Secure Act of 2019 came to be (and why there's already a 2.0 version under consideration) as well as some of specific changes that may impact how non-spouses who inherit retirement accounts will need to sequence distributions.Co-host Dave Schmidt brings it all together with a vivid illustration of what could happen to retirees or soon-to-be-retirees who don't get help decoding all the fine print! (Please note: No bunnies were harmed in the making of this podcast.)You won't want to miss this opportunity to jot down notes and questions for your retirement planner about this policy that's still a work in progress!This episode was fueled by Cometeer Coffee, both iced and hot!Numbers are growing like crazy, so get onboard by signing up for the show's new weekly email at this link and then come on over and join the conversation at our new private Facebook group, which you can find here (#MoreErin!).Click here to learn more about or listen to previous episodes of The Retirement Equals Freedom Podcast. Don't forget to sign up for the podcast email club while you're there!Click here to explore the services that FSR Wealth Strategies offers and schedule a discovery call with one of the team's CPAs. When it comes to living your best life, it's never too early to get started!

What's in a name? On Tuesday, President Biden signed the Inflation Reduction Act (IRA) into law (and let's not confuse this IRA with the older “IRA” as in Individual Retirement Account). That's certainly less of a mouthful than, say, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 and its proposed sequel. But will the IRA actually have an impact on inflation? Will it change how IRAs work? And what's this carried interest tax loophole that everyone was so worked up about? These are just some of the questions that we've been fielding about the IRA at Keen Wealth. On today's show, we answer these questions and discuss five major bullet points about the new law.

The U-S Senate is expected to vote soon on what's being called " Secure Act 2.0" . The original Setting Every Community Up for Retirement Act was passed in 2019 and brought many change to retirement planning. What's in 2.0? Details when we come right back.

The U-S Senate is expected to vote soon on what's being called " Secure Act 2.0" . The original Setting Every Community Up for Retirement Act was passed in 2019 and brought many change to retirement planning. What's in 2.0? Details when we come right back.

The U-S Senate is expected to vote soon on what's being called “Secure Act 2.0”. The original Setting Every Community Up for Retirement Act was passed in 2019 and brought many changes to retirement planning. What's in 2.0? Details when we come back.

The U-S Senate is expected to vote soon on what's being called " Secure Act 2.0". The original Setting Every Community Up for Retirement Act was passed in 2019 and brought many changes to retirement planning. What's in 2.0? Details when we come right back.

Last month, our leaders in Washington did something that felt almost unprecedented nowadays: they agreed on something! The Sunshine Protection Act passed the Senate unanimously. If it gets passed by the House and signed by President Biden, turning our clocks back and forth will be a thing of the past and daylight savings time will be permanent starting in 2023.  All kidding aside, there is a slightly more pressing issue that's drawn broad bipartisan support in recent years: revamping retirement planning. In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed the House 417–3 and the Senate 71–23. Its pending sequel, the Securing a Strong Retirement Act, aka SECURE Act 2.0, just passed 414-5 in the House. Those majorities should tell you just how serious the government is about encouraging folks to take more ownership over their long-term financial planning.  On today's show, we (briefly) debate the pros and cons of leaving our clocks alone before digging into the details of SECURE Act 2.0 that could affect retirement if this new bill is passed.  

Encouraging news for retirement savers may be coming, thanks to SECURE Act 2.0 legislation. The acronym stands for Setting Every Community Up for Retirement Enhancement. This is a follow-up to the original SECURE Act that passed with bipartisan support in Congress a couple of years back. Today, Steve Cordasco details many provisions of the bill aimed at making saving for retirement easier and more beneficial to an even larger pool of participants. Listening Time: 26 minutes Mercer Advisors Disclosure Cordasco Financial Network is a tradename. All services provided by Cordasco Financial Network investment professionals are provided in their individual capacities as investment adviser representatives of Mercer Global Advisors Inc. (“Mercer Advisors”), an SEC-registered investment adviser principally located in Denver, Colorado, with various branch offices throughout the United States doing business under different tradenames, including Cordasco Financial Network. Securities offered through Andrew Garrett Inc, member FINRA/SIPC. Andrew Garrett is not affiliated with Cordasco Financial or Mercer Global Advisors. Additional Mercer-Cordasco Disclosure Information Visit Our Website Join Our Email List  

What's the best way to handle the ups and downs of investing and tax consequences? Sit on your hands long enough until everything is okay, again. The hardest thing sometimes is waiting. In the meantime, Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: Does day trading cause a higher tax consequence than long-term investing? Typically, if you have gains, it's going to have a higher tax consequence, primarily because the day trading is all going to be short-term trades; however, long-term capital gains is subject to that long-term capital gain treatment - usually a much lower tax percentage If I own a property and I owe back taxes, can the government take it? If you owe back taxes, the government can certainly take your property and put a tax lien on it; then if it's not paid, the government can sell it to make up for the taxes Can I rent a house owned by one of my LLCs? You can't rent to yourself your own house How does rental income get taxed? Rental income is taxed at ordinary rates, it's ordinary income; however, it is passive income and passive losses are limited For all questions/answers discussed, sign up to be a Platinum member to view the replay! Go to iTunes to leave a review of the Tax Tuesday podcast. Resources: Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis http://aba.link/infinitybook Capital Gains and Losses https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0 Section 121 - Capital Gains Exclusion https://www.irs.gov/taxtopics/tc701 Entity Formation https://andersonadvisors.com/entity_formation/ Self-Employment Tax https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes Bonus Depreciation https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act Depreciation Recapture https://www.investopedia.com/terms/d/depreciationrecapture.asp 1031 Exchange https://www.irs.gov/pub/irs-news/fs-08-18.pdf Cryptocurrency https://www.investopedia.com/terms/c/cryptocurrency.asp Nexo - Banking on Crypto https://nexo.io/ Real Estate Professional Requirements https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf Renewable Energy Tax Credits https://www.energystar.gov/about/federal_tax_credits/renewable_energy_tax_credits Federal Solar Tax Credit https://www.energystar.gov/about/federal_tax_credits/renewable_energy_tax_credits Retirement Plans https://andersonadvisors.com/retirement_plan/ Wills and Trusts https://andersonadvisors.com/living_trusts/ The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 https://www.congress.gov/bill/116th-congress/house-bill/1994 Step-Up in Basis https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death. Section 26 U.S. Code 469 https://www.law.cornell.edu/uscode/text/26/469 Old-Age Survivors and Disability Insurance (OASDI) Tax https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf Cost Segregation Authority https://costsegauthority.com/ 26 U.S. Code Section 1256 https://www.law.cornell.edu/uscode/text/26/1256 Form 8283 https://www.irs.gov/forms-pubs/about-form-8283 Form 3115 https://www.irs.gov/forms-pubs/about-form-3115 Toby Mathis http://tobymathis.com/about-toby-mathis/ Anderson Advisors https://andersonadvisors.com/ Anderson Advisors Events https://andersonadvisors.com/all-events/ Events@andersonadvisors.com Anderson Advisors Tax and Asset Protection Workshop https://andersonadvisors.com/asset-protection/ Anderson Advisors Tax-Wise Workshop https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/ Anderson Advisors Infinity Investing Workshop https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ Anderson Advisors on Facebook https://www.facebook.com/AndersonBusinessAdvisors/ Anderson Advisors Podcast https://andersonadvisors.com/podcast/    

We've heard the name SECURE 2.0 and Voya in particular is all for legislation that will ultimately help support the greater financial wellness needs of working Americans. But, what is it? Michael Hadley, Partner at Davis & Harman LLP, joins Bill and Heather in this episode to help break down the nitty gritty of SECURE 2.0, a recent legislation which builds upon the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, that could help provide greater access to and further increase retirement plan coverage for individuals. Michael breaks down the ins and outs of the bill, taking legal jargon into plain English. Tune in to hear more about what the bill entails, what he's hearing from “The Hill” and more. Bill Harmon is a registered representative of Voya Financial Partners, LLC (member SIPC).Davis & Harman LLP is not a member of the Voya® family of companies. CN1662421_0522

The Setting Every Community Up for Retirement Enhancement Act — signed into law on December 20th, 2019 — was one of the largest overhauls of the American retirement system in years. Provisions in the SECURE Act address age-related investment strategies, open up access to retirement plans for part-time workers, and incentivizes small businesses to offer 401(k) options to employees. Read the full article here: https://www.oflaherty-law.com/learn-about-law/how-the-secure-act-will-affect-your-small-business O'Flaherty Law now serves over 105 counties across Illinois, Iowa, and Indiana. If you have any questions regarding a case or would like to speak to one of our attorneys after watching a #LearnAboutLaw video, give us a call at (630) 324-6666 or send us an email at info@oflaherty-law.com to get in contact with someone from our team. Subscribe to our channel for daily videos dedicated to all things law and leave a comment with any questions about this topic. Find us online for more legal content and to stay connected with our team - Website: https://www.oflaherty-law.com/ - LinkedIn: https://www.linkedin.com/company/oflahertylaw - Instagram: https://www.instagram.com/oflahertylaw - Facebook: https://www.facebook.com/oflahertylawGroup/ This video will discuss how changes under the SECURE Act can improve small businesses' access to retirement plans. We will answer the following questions: What is the SECURE Act?, What monetary incentives does the SECURE Act give small businesses?, How does the SECURE Act increase small business access to retirement plans?, and What other benefits are found in the SECURE Act? **None of the content in this series is intended as paid legal advice.

The SECURE Act was passed about a year ago – that is, the Setting Every Community Up for Retirement Enhancement Act. It was the biggest piece of retirement legislation to be passed in many years and it will undoubtedly have a major effect on how many Americans approach retirement and estate planning. What it means for you depends on your unique situation: Will you benefit from starting RMDs at a later age? Will you have to adjust your estate plan based on a major change in the SECURE Act? Your Thrive Army will discuss these topics in depth in today’s show, plus how we could help you come up with solutions to potential retirement problems.

In December, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law with the aim of expanding the retirement saving options available to Americans. The act suddenly overhauled many of the retirement account rules that had been in place for numerous years.Show Notes:Important Disclosures: https://www.bosinvest.com/disclosures

Now that The Setting Every Community Up for Retirement Enhancement (SECURE) Act is in place, what does that mean for you and your retirement plan?In this episode, Jeff Green and Laura Smith help you answer this question. Together, they break down the new act, its rules, and the impact it could have on your retirement planning.In this episode, you will learn:How changes to the required minimum distribution age can affect your distributionsWays Green Financial Group is helping clients to strategize around the actHow beneficiaries are impacted by the actSECURE Act tax considerationsAnd more!Listen now and find out what you need to know about the SECURE Act!Green Financial Group: (713) 244-3030

Now that The Setting Every Community Up for Retirement Enhancement (SECURE) Act is in place, what does that mean for you and your retirement plan? In this episode, Jeff Green and Laura Smith help you answer this question. Together, they break down the new act, its rules, and the impact it could have on your retirement planning. In this episode, you will learn: How changes to the required minimum distribution age can affect your distributions Ways Green Financial Group is helping clients to strategize around the act How beneficiaries are impacted by the act SECURE Act tax considerations And more! Listen now and find out what you need to know about the SECURE Act! Green Financial Group: (713) 244-3030

Now that The Setting Every Community Up for Retirement Enhancement (SECURE) Act is in place, what does that mean for you and your retirement plan?In this episode, Jeff Green and Laura Smith help you answer this question. Together, they break down the new act, its rules, and the impact it could have on your retirement planning.In this episode, you will learn:How changes to the required minimum distribution age can affect your distributionsWays Green Financial Group is helping clients to strategize around the actHow beneficiaries are impacted by the actSECURE Act tax considerationsAnd more!Listen now and find out what you need to know about the SECURE Act!Green Financial Group: (713) 244-3030

Have you reviewed your retirement plan recently? Think your 401K is something that can wait until later? Listen about the new law effective as of January 1, 2020, a $1.4 Trillion spending package called the Further Consolidated Appropriations Act of 2020 included the Setting Every Community Up for Retirement Enhancement Act. Learn how these changes can benefit or effect you and your beneficiaries before it’s time to retire. See omnystudio.com/policies/listener for privacy information.

The SECURE Act, or “Setting Every Community Up for Retirement Enhancement Act,” offers several major adjustments to how we save, prepare for and enjoy retirement.  Overall, this legislation will have substantive repercussions for individuals planning for their financial futures.   Please visit www.rhitch.com for more information.   Sources: https://www.congress.gov/bill/116th-congress/house-bill/1994 https://www.kitces.com/blog/secure-act-2019-stretch-ira-rmd-effective-date-mep-auto-enrollment/   Ryan Hitchcock Financial Planner   Direct: 414-253-4611 rhitchcock@highpointcaptialgroup.com     Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is not guarantee of future results.  Securities and investment advisory services offered through SagePoint Financial, Inc. (SPF), member FINRA/SIPC. SPF is separately owned and other entities and/or marketing names, products or services referenced here are independent of SPF.    1200 N. Mayfair Rd., Suite 300, Milwaukee, WI 53226. Phone: 414-253-4600.

The Setting Every Community Up for Retirement Enhancement Act or “SECURE” Act that became law on Dec. 20, 2019, includes “many provisions to encourage employers to adopt new (retirement) plans or enhance their current plans and to provide more savings opportunities for employees,” according to Sharon Severson, CPC, consultant with CUESolutions Platinum provider CUNA Mutual Group, Madison, Wisconsin. The act is the largest package of retirement system changes in more than a decade.Severson says she’s most excited about some of the changes to individual retirement accounts that became effective Jan. 1, 2020, and open multiple-employer plans options that will become effective Jan. 1, 2021.“The rules governing IRAs impact most individuals at one time or another during their careers,” Severson explains. “Most of us have heard along the way about the age 70.5 or the required minimum distributions. Now those distributions must begin at age 72 instead of age 70.5 if the individual has not already turned 70.5 by 12/31/2019.” The upshot is that people who want to can save longer—and that’s a big benefit to people who keep working even in retirement. “This may be helpful for credit unions when assisting their members with their questions about IRAs or for credit unions that offer investment services to members,” Severson notes.Multiple-employer plans have been around for a long time, but the act creates the opportunity to form a new kind of MEP. “The Act allows for the formation of a 401(k) plan that includes two or more unrelated employers and this plan type is now being referred to as a ‘PEP’, a pooled employer plan,” Severson says, “and hopefully this will allow smaller employers to obtain an economy of scale that can lower both employer and employee costs.”In the show, Severson says she is glad that the Act expands retirement savings options for certain long-term part-time employees. She also thinks credit unions will also want to learn more about the Act’s changes to the minimum employer contributions for safe harbor plans.The new Act also provides a pathway for plan participants to receive an annual disclosure of projected monthly income from their retirement savings plan. According to Severson, this disclosure has “been on the Department of Labor’s to-do list” since 2006 and will still take some time to implement. The Department of Labor needs to provide a model disclosure and a set of uniform assumptions that can be used to generate these projections “so that if you move from a plan provider to another plan provider, those projections are relatively stable.”“Many people don’t know how much (money) they need” for retirement, she explains in the show. “They’re surprised when they get to retirement that their nest egg isn’t really what they needed after they stopped working. The illustration would help participants make adjustments in that savings plan with this information in hand.” The show also gets into:More details about the new pooled employer plansMore details about what long-term part-time employees may now participate in retirement savings plansMore details about the changes to the rules for employer contributions and other aspects of safe harbor 401(k) plansIncreases in retirement plan penaltiesSuggestions for how to learn more about the SECURE ActMore details about when the various changes take effect

At the very beginning of 2020, congress passed a new set of rules titled the SECURE ACT, which stands for Setting Every Community Up for Retirement Enhancement. The changes are significant, but ended up being swept under the rug as the coronavirus pandemic unfolded soon after they were announced. To ensure you understand these new rules and how they affect you, we will spend the next three episodes breaking down the SECURES Act with host Erik Brenner and the Hilltop advisor team. In this episode we cover:The possibility of an additional relief package and what it might look likeChanges in distribution rulesStrategies to take advantage of these new rules in your estate planningHear more on FOX Michiana or YourWealthHealth.com!Saturdays @ 9:30am

The Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act, which originally passed the House in July, was approved by the Senate on Dec.19, 2019, and signed into law on Dec. 20 by President Donald Trump.  I am not going to dig too deep into the knitty gritty of this bill but I will hit some of the main points that will affect most people. The good news is that almost all the provisions of this bill are meant to make retiring easier for the general public. It has been commonly known for sometime now that many Americans are simply not  prepared for retirement. According to Vanguard, the 2019 median 401(k) balance for those ages 65 and older was just $58,035. This amount doesn't go very far, especially with the rising costs of healthcare and other expenses that become relevant in retirement. This bill should make it a little easier to make our money last. This is becoming even more important as people are starting to live longer.  One of the main highlights is that this bill will move RMD's (Required Minimum Distributions) to age 72 instead of 70 and ½. Let me translate that for you. For most retirement accounts (401(k)'s, IRA's, TSP, ect), you don't pay any taxes until you take money out during retirement. So the longer you keep your money in these accounts, the longer your money can grow without paying taxes. Once you hit the age when RMD's are required, the government requires that you take out a portion of your retirement account balance. They do this to make sure they get their piece of the pie in the form of taxes. This change allows individuals to wait until 72 before taking distributions. This gives people another year and a half to grow their money before paying taxes on any of it.  Another provision of this bill makes  it easier for businesses to offer 401(k)'s to their employees. The government now offers certain tax credits to those businesses that offer a 401(k) or SIMPLE IRA with automatic enrollment. They also made it easier for employers to allow part-time employees to participate in these plans.  The bill touches on many more areas of retirement that I won't mention here. This article is less about explaining every detail and more about introducing you to the main points. There are great online resources for those that would like to dig a little deeper.  This bill is far from a fix-all for all of America's retirement problems,  but it is a step in the right direction. Regardless of what the government does, it is important to remember that it is our responsibility to ensure our success in retirement. There are many great tools that aid in retirement planning, but it is up to us to take advantage of what is available and plan for success. 

The Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act, which originally passed the House in July, was approved by the Senate on Dec.19, 2019, and signed into law on Dec. 20 by President Donald Trump.  I am not going to dig too deep into the knitty gritty of this bill but I will hit some of the main points that will affect most people. The good news is that almost all the provisions of this bill are meant to make retiring easier for the general public. It has been commonly known for sometime now that many Americans are simply not  prepared for retirement. According to Vanguard, the 2019 median 401(k) balance for those ages 65 and older was just $58,035. This amount doesn't go very far, especially with the rising costs of healthcare and other expenses that become relevant in retirement. This bill should make it a little easier to make our money last. This is becoming even more important as people are starting to live longer.  One of the main highlights is that this bill will move RMD's (Required Minimum Distributions) to age 72 instead of 70 and ½. Let me translate that for you. For most retirement accounts ( TSP, 401(k)'s, IRA's ect), you don't pay any taxes until you take money out during retirement. So the longer you keep your money in these accounts, the longer your money can grow without paying taxes. Once you hit the age when RMD's are required, the government requires that you take out a portion of your retirement account balance. They do this to make sure that they get their piece of the pie in the form of taxes. This change allows individuals to wait until 72 before taking distributions. This gives people another year and a half to grow their money before paying taxes on any of it.  Another provision of this bill makes it easier for businesses to offer 401(k)'s to their employees. The government now offers certain tax credits to those businesses that offer a 401(k) or SIMPLE IRA with automatic enrollment. They also made it easier for employers to allow part-time employees to participate in these plans.  The bill touches on many more areas of retirement that I won't mention here. This article is less about explaining every detail and more about introducing you to the main points. There are great online resources for those that would like to dig a little deeper. See links below:  https://www.investopedia.com/what-is-secure-act-how-affect-retirement-4692743 (https://www.investopedia.com/what-is-secure-act-how-affect-retirement-4692743) https://www.marketwatch.com/story/with-president-trumps-signature-the-secure-act-is-passed-here-are-the-most-important-things-to-know-2019-12-21 (https://www.marketwatch.com/story/with-president-trumps-signature-the-secure-act-is-passed-here-are-the-most-important-things-to-know-2019-12-21) This bill is far from a fix-all for all of America's retirement problems, but it is a step in the right direction. Regardless of what the government does, it is important to remember that it is our responsibility to ensure our success in retirement. There are many great tools that aid in retirement planning, but it is up to us to take advantage of what is available and plan for success. 

Today we're going to talk about the SECURE Act. It changes a lot about 401k plans, so we're going to go through it in depth, make sure you're prepared, but before we go too deep, I want to ask you to please subscribe to our podcast. You can find us on iTunes, Google podcasts, Spotify, Stitcher, any pod catcher of your choice. You can also subscribe @peopleprocesses.com which will give you exclusive subscriber only content. All right, let's dive into the SECURE Act. The centerpiece of the new tax legislation is the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The SECURE Act, it's chock full of new rules for employers that sponsor qualified retirement plans and for the employees who participate. For example, the new law expands the opportunities for groups of employers to form multiple-employer plans (MEPs). On the employee side, the new law increases the age for required mandatory retirement plan distributions from 70 ½ to 72.  Now there are a lot of things going on with the SECURE act, especially around what happens after you die with a 401k. That's an individual planning topic and it's really beyond the scope of what we're gonna talk about today. Instead, we're going to talk about those that are of particular interest to employers. That's what we're focusing on. So part-timer participation, under current rules, employer-sponsored 401(k) plans can exclude an employee from participation if he or she has not worked for the employer for at least 1,000 hours in a 12-month period. Effective for plans beginning after 2020, the new law requires employers to allow long-term part-timers to make elective deferrals to a 401(k) plan if they've worked at least 500 hours in three consecutive 12-month periods. It does not require you to make matching or other employment contributions for these long-term part-timers. Key points are just focusing on this. You won't need to pour through your past payroll records to identify eligible part-timers. For purposes of counting hours under the 500-hour rule, only service performed after 2020 is required to be taken into account. Nevertheless, you need to update your payroll system to pinpoint eligible part-timers going forward. It's a new test. You got to do not just the thousand hour test, but also 500 over three years starting in 2020. Okay. That's a big change. It adds a big layer of compliance and regulation. Hopefully you have a good CPA that'll take care of that for you, but make sure to poke them. Alright. Automatic enrollment. Another big change. Employers that sponsor a 401(k) plan or a SIMPLE IRA for that matter can automatically enroll eligible employees in a plan unless the employee is locked out. The SECURE Act creates a new tax credit for employers that establish new 401(k) plans that include automatic enrollment or that convert an existing plan to an automatic enrollment design. The amount of the credit is $500 per year for each of the three tax years beginning with the first year that the employer adopts automatic enrollment feature. New tax credit applies for tax years beginning after 2019, so employers can begin to cash in on the credit this year. For a new plan, the credit applies in addition to the small employer pension plan startup credit for small employers that adopt a new qualified retirement plan. Moreover, for tax years beginning after 2019, the maximum amount of that credit is increased from $500 to as much as $5,000 per year for three years. So there's two big credits at play there. One, well, a small $500 bucks. But if you look at your cost of setting up an IRA, a retirement plan, and you put in an automatic deferral right where they can opt out, instead of doing the traditional way, you're gonna get $500 bucks from the government. Pretty cool. If you're a brand new plan, truly new, and you're not just making a change and you're a small business, you could actually get an additional tax credit on top of that. Talk...

The SECURE Act of 2020 (Setting Every Community Up for Retirement): is changing retirement, and may change how your wealth is distributed; it may require a check-in with your estate planner to adjust your estate plan's language and/or structure to do what you originally wanted it to; or require a check-in with the estate planner and other financial professionals in your client's sphere if you're an advisor.

In this episode of The American CREAM podcast, Hyacinth breaks down the newly passed SECURE Act.  In December 2019 The SECURE Act was approved by the Senate. SECURE stands for:   Setting Every Community Up for Retirement Enhancement Listen to learn where you stand in the community and how this new legislation affects your financial future.   

On January 1, 2020 the Setting Every Community Up for Retirement Enhancement (SECURE) Act went into effect. Join Steve Baker, J.D., senior estate planner, and Kurt Knoll as they discuss the planning implications of this new legislation, as well as tax-wise giving opportunities you can continue to promote to your supporters.

After I wrote about the Setting Every Community Up for Retirement Enhancement (SECURE) Act, I received a slew of questions from readers.  So to help clear up some of the confusion, we’re bringing on IRA guru Ed Slott. (Ed will also join us for a tax season related episode) The Secure Act includes significant changes to retirement accounts, including: Age Limit Eliminated for Traditional IRA Contributions Beginning in 2020, the new law eliminates the age limit for traditional IRA contributions (formerly 70 ½). Now, those who are still working can continue to contribute to a traditional IRA, regardless of their age. RMD Age Raised to 72 The SECURE Act also raises the age for beginning RMDs to 72 for all retirement accounts subject to RMDs. IRA owners reaching age 70 ½ in 2020 catch a break and will not have to take their first RMD in 2020 now that the RMD deadline has been extended to age 72. New Exception to the 10% Penalty for Birth or Adoption The SECURE Act adds a new 10% penalty exception for birth or adoption, but the distribution is still subject to tax. It is limited to $5,000 over a lifetime. The birth or adoption distribution amount can be repaid at any future time (re-contributed back to any retirement account). IRA Contributions with Fellowship and Stipend Payments Additionally, the new law allows taxable non-tuition fellowship and stipend payments to be treated as compensation to qualify for an IRA (or Roth IRA) contribution. Employer Liability Protection for Annuities in Plans The SECURE Act provides a safe harbor for employer liability protection for offering annuities in an employer plan. This is expected to open the door for more annuity products to be available as investment choices in employer plans. Good Bye, Stretch IRA Beginning for deaths after December 31, 2019, the stretch IRA is replaced with a ten year rule for the vast majority of beneficiaries. The rule requires accounts to be emptied by the end of the tenth year following the year of death. There are no annual RMDs. Instead, the only RMD on an inherited IRA is the balance at the end of the 10 years after death. For deaths in 2019 or prior years, the old rules would remain in place. There are five classes of “eligible designated beneficiaries” who are exempt from the 10-year post-death payout rule and can still stretch RMDs over life expectancy. These include surviving spouses, minor children, disabled individuals, the chronically ill, and beneficiaries not more than ten years younger than the IRA owner. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

The Secure Act: Part II Host Bart Zandbergen and Co-Host Letitia Berbaum were back in the studio to take a deeper dive into the nuances of the “Secure Act” which was passed by Congress in December. The bipartisan bill went into effect January 1st, 2020 and it stands for Setting Every Community Up for Retirement Enhancement. In this episode, Bart and Letitia share more information with listeners about important changes that are now in effect as a result of the Secure Act. In this episode, learn: -Why those born prior to July 1st, 1949 still must take their RMD's by April 1st, 2020 -How you can now contribute to your IRA after age 70.5 with tax saving benefits -Changes to Adoption and Birth Expenses as a result of the Secure Act -Impacts on Annuities as a result of the Secure Act -What a 529 plan is and what the benefits of it are for those who have one The Zandbergen Report, where wealth strategies, investment wisdom and pop culture collide, is led by host Bart Zandbergen, with featured guest host Letitia Berbaum, every Tuesday at 2pm on OC Talk Radio. In addition to being streamed live in real time, the show is also available on Apple Podcasts, iHeartRadio, Spotify, Podbean and Stitcher. Catch up any time with any episode on the platform of your choice. Interested in being a guest on The Zandbergen Report? Email podcast@bartzandbergen.com. Learn more about Bart Zandbergen by visiting www.BartZandbergen.com         

The Secure Act: Part II Host Bart Zandbergen and Co-Host Letitia Berbaum were back in the studio to take a deeper dive into the nuances of the “Secure Act” which was passed by Congress in December. The bipartisan bill went into effect January 1st, 2020 and it stands for Setting Every Community Up for Retirement Enhancement. In this episode, Bart and Letitia share more information with listeners about important changes that are now in effect as a result of the Secure Act. In this episode, learn:-Why those born prior to July 1st, 1949 still must take their RMD’s by April 1st, 2020 -How you can now contribute to your IRA after age 70.5 with tax saving benefits -Changes to Adoption and Birth Expenses as a result of the Secure Act -Impacts on Annuities as a result of the Secure Act -What a 529 plan is and what the benefits of it are for those who have one The Zandbergen Report, where wealth strategies, investment wisdom and pop culture collide, is led by host Bart Zandbergen, with featured guest host Letitia Berbaum, every Tuesday at 2pm on OC Talk Radio. In addition to being streamed live in real time, the show is also available on Apple Podcasts, iHeartRadio, Spotify, Podbean and Stitcher. Catch up any time with any episode on the platform of your choice. Interested in being a guest on The Zandbergen Report? Email podcast@bartzandbergen.com. Learn more about Bart Zandbergen by visiting www.BartZandbergen.com         

Guest: Bob Keebler, CPA/PFS Now that the SECURE Act is in effect, you need to know how this impacts your clients’ financial plans and what you can do to best serve them. In this episode, Bob Keebler, CPA/PFS will discuss practical knowledge and solutions that will help you best serve your clients: What are the key tax and planning strategies to focus on for the families you serve? How can you use a disclaimer for 2019 deaths to use the life expectancy rules? What is the “ghost” rule and when does it apply? How can you use a conduit trust for effective estate planning? Access the related resources from this podcast: H.R.1994 - Setting Every Community Up for Retirement Enhancement Act of 2019 Impact of Tax Reform on Planning Toolkit, including charts from Bob Keebler Demonstrate your competency in personal financial planning with the CPA/PFS credential or the PFP certificate program. Don’t miss other SECURE Act podcasts! SECURE Act: Practical Solutions for your Clients (12/17/2019) Eligible Beneficiary Exception (1/10/2020) IRAs payable to trusts (1/17/2020) IRAs payable to conduit trusts (1/24/2020) Mathematics of estate planning for IRAs (1/31/2020) Estate Administration for IRAs and qualified plans (2/7/2020) The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits. Don’t miss an episode – subscribe to our podcast series on iTunes or Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Welcome to the Paragon Podcast. On January 1st of 2020 the Setting Every Community Up for Retirement Enhancement (SECURE) Act went into effect. The SECURE Act represents the most sweeping set of changes to retirement legislation in more than a decade. While many of the provisions offer enhanced opportunities for individuals and small business owners, there is one notable drawback for investors with significant assets in their IRAs. Hit the play button to learn more about how the SECURE Act affects your IRA and future estate plan.   Stay up to date with the Paragon Podcast and our written Insights by signing up for our mailing list HERE.    For more information regarding this topic, or to download a transcript of this episode, you may contact us at the following: Paragon Financial Partners 1901 Avenue of the Stars, 2nd Floor Los Angeles, CA 90067 T: (310) 557-1515 E: info@paragonfinancialpartners.com www.paragonfinancialpartners.com Disclaimer: The topics discussed in the Paragon Podcast are for informational purposes only and should not be taken as direct investment advice. To read our disclosures and download a copy of our Form ADV, click HERE. 

On January 1st, 2020, new federal legislation concerning Americans' retirement was enacted. It's called the "Setting Every Community Up for Retirement Enhancement Act," or the SECURE Act for short. In this episode, Mark Wight explains this new act and how it affects your retirement. You'll want to stay updated; don't miss this episode!

Host Bart Zandbergen and Co-Host Letitia Berbaum were back in the studio to discuss the very basics of the new “Secure Act” that was passed by Congress in December. The bipartisan bill went into effect January 1st, 2020 and it stands for Setting Every Community Up for Retirement Enhancement. It's critical to be in the know on these new rules and how they will impact you and your investments. Stay tuned for future episodes on this topic as well, which will take a deeper dive into the Secure Act and all you need to know! In this episode, learn: -What RMD (Required Minimum Distribution) changes have occurred -The benefits of deferring taxes and how they have changed with this new regulation -ROTH IRA strategies and approaches to consider The Zandbergen Report, where wealth strategies, investment wisdom and pop culture collide, is led by host Bart Zandbergen, with featured guest host Letitia Berbaum, every Tuesday at 2pm on OC Talk Radio. In addition to being streamed live in real time, the show is also available on Apple Podcasts, iHeartRadio, Spotify, Podbean and Stitcher. Catch up any time with any episode on the platform of your choice. Interested in being a guest on The Zandbergen Report? Email podcast@bartzandbergen.com. Learn more about Bart Zandbergen by visiting www.BartZandbergen.com         

Host Bart Zandbergen and Co-Host Letitia Berbaum were back in the studio to discuss the very basics of the new “Secure Act” that was passed by Congress in December. The bipartisan bill went into effect January 1st, 2020 and it stands for Setting Every Community Up for Retirement Enhancement. It’s critical to be in the know on these new rules and how they will impact you and your investments. Stay tuned for future episodes on this topic as well, which will take a deeper dive into the Secure Act and all you need to know! In this episode, learn:-What RMD (Required Minimum Distribution) changes have occurred -The benefits of deferring taxes and how they have changed with this new regulation -ROTH IRA strategies and approaches to consider The Zandbergen Report, where wealth strategies, investment wisdom and pop culture collide, is led by host Bart Zandbergen, with featured guest host Letitia Berbaum, every Tuesday at 2pm on OC Talk Radio. In addition to being streamed live in real time, the show is also available on Apple Podcasts, iHeartRadio, Spotify, Podbean and Stitcher. Catch up any time with any episode on the platform of your choice. Interested in being a guest on The Zandbergen Report? Email podcast@bartzandbergen.com. Learn more about Bart Zandbergen by visiting www.BartZandbergen.com         

Guest: Bob Keebler, CPA/PFS Now that the SECURE Act is in effect, you need to know how this impacts your clients’ financial plans and what you can do to best serve them. In this episode, Bob Keebler, CPA/PFS will discuss practical knowledge and solutions that will help you best serve your clients: What are the post-mortem payout rules? What are the mathematical solutions and strategies to help clients simulate the stretch IRA? Access the related resources from this podcast: H.R.1994 - Setting Every Community Up for Retirement Enhancement Act of 2019 Impact of Tax Reform on Planning Toolkit, including charts from Bob Keebler Demonstrate your competency in personal financial planning with the CPA/PFS credential or the PFP certificate program. Don’t miss other SECURE Act podcasts! SECURE Act: Practical Solutions for your Clients (12/17/2019) Eligible Beneficiary Exception (1/10/2020) IRAs payable to trusts (1/17/2020) IRAs payable to conduit trusts (1/24/2020) Mathematics of estate planning for IRAs (1/31/2020) Estate Administration for IRAs and qualified plans (2/7/2020) The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits. Don’t miss an episode – subscribe to our podcast series on iTunes or Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act, or the SECURE Act, became law. While many of us have heard about this in the news, what may not have been immediately apparent is the significant impact this new law could have on your retirement plan and financial goals. Scott Sturgeon, of the Mariner Wealth Advisors practice management team joins us to help simplify the details and explain who is impacted in what way.

WASHINGTON — The Internal Revenue Service has provided relief to financial institutions that were expected to provide required minimum distribution (RMD) statements to IRA owners by January 31, 2020. Notice 2020-6 (PDF) clarifies that if an RMD statement is provided for 2020 to an IRA owner who will turn age 70½ in 2020, the IRS will not consider the statement to be incorrect, but only if the financial institution notifies the IRA owner no later than April 15, 2020, that no RMD is due for 2020. The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) changed the age for which an RMD is first required from age 70½ to 72. Under prior law, financial institutions would have needed to notify IRA owners who attained age 70½ in 2020 about their 2020 RMDs by January 31, 2020. The IRS encourages all financial institutions, in communicating these RMD changes, to remind IRA owners who reached age 70½ in 2019, and have not yet taken their 2019 RMDs, that they are still required to take those distributions by April 1, 2020. www.fender-tax.com

Guest: Bob Keebler, CPA/PFS Now that the SECURE Act is in effect, you need to know how this impacts your clients’ financial plans and what you can do to best serve them. In this episode, Bob Keebler, CPA/PFS will discuss practical knowledge and solutions that will help you best serve your clients: What are the requirements for a “safe haven” or conduit trust? How do you avoid a “conduit trust disaster”? When is it useful to use conduit trusts? Access the related resources from this podcast: H.R.1994 - Setting Every Community Up for Retirement Enhancement Act of 2019 Impact of Tax Reform on Planning Toolkit, including charts from Bob Keebler Demonstrate your competency in personal financial planning with the CPA/PFS credential or the PFP certificate program. Don’t miss other SECURE Act podcasts! SECURE Act: Practical Solutions for your Clients (12/17/2019) Eligible Beneficiary Exception (1/10/2020) IRAs payable to trusts (1/17/2020) IRAs payable to conduit trusts (1/24/2020) Mathematics of estate planning for IRAs (1/31/2020) Estate Administration for IRAs and qualified plans (2/7/2020) The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits. Don’t miss an episode – subscribe to our podcast series on iTunes or Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

The Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act, aims to improve retirement security for many Americans. Since its passage in December of 2019, it has readily been at the center of retirement plan dialogue. In episode twelve of Revamping Retirement, Mike Webb shares the major provisions and discusses the impact the Act may have on retirement plan sponsors and participants.

A very important bill was passed in 2019. The SECURE act effects almost every single person in America. It will change the way retirees make financial strategies for the rest of their lives. Jake Rivas goes through the most important points to understand about this act. https://www.youandifinancial.com/the-setting-every-community-up-for-retirement-enhancement-secure-act/ Have questions about managing your financial lifestyle? Email Jake@youandifinancial.com and Jake Rivas may read your questions on the show! Follow Jake on Twitter and Facebook @jakestwocents Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through CES Insurance Agency. Actual performance and results will vary. These interviews do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed. Consult a Financial Advisor regarding your specific circumstances. I*financial is located at 1901 NW Military Hwy. STE. 102. San Antonio, TX 78213. Phone number 210-342-4346

The SECURE act created quite a buzz in the financial news in the last few weeks. In today’s episode of Grow Money Business, Grant talks all about this new piece of legislation and how it impacts the retirement planning landscape. The Setting Every Community Up for Retirement Enhancement Act of 2019, aka the SECURE act, was signed into law in December 2019. This episode is dedicated to giving you an overview of the SECURE act and Grant’s thoughts on how it will impact your retirement in the long run as well as the short term. [02:15] - Impact on IRAs – Grant talks about how the SECURE act changes the age to start mandatory distribution. [05:59] – Inheritance of an IRA – The secure act made changes to what happens when you inherit an IRA from somebody. Grant talks about what changed and how it affects you. [12:05] – Early withdrawal penalty – Grant talks about a couple of new changes that allow you to get around the early withdrawal penalties in case you needed to take money out of your retirement funds a little early. [15:36] – Safe harbor for lifetime income annuities – Grant explains how the SECURE act has options to take the risks associated with lifetime income annuities off the table. [19:31] – Tax credit for 401K plans – Grant breaks down the numbers how the SECURE act expands the incentive tax credit you get for the first three years of a 401K plan. [26:23] – Withdrawals for disasters – The SECURE act adds the option to withdraw money from retirement funds in the event of a national disaster. Grant explains the way it works. [28:10] – Tax-free withdrawals for educational purposes – With the SECURE act, you can withdraw from retirement funds for qualified educational purposes. Grant explains this option and its limitations. [31:50] – Don’t miss mandatory distributions – Grant explains why it’s important to do the mandatory distributions without a delay and the penalties associated with them.   Resources: The SECURE act: congress.gov Highlights of the SECURE act: bit.ly/2RxAi6L IRA – Individual Retirement Arrangements: irs.gov 401K Plans: irs.gov Early Withdrawals: irs.gov

If you missed last week's show, SHP founders, Derek Gregoire, Matthew Peck CFP® CIMA®, and Keith Ellis, discussed a huge change in legislation, The SECURE Act. What is it? How will affect you? The SECURE Act or "Setting Every Community Up for Retirement Enhancement" bill that President Trump signed, will include changes like, what age you will need to take your RMD’s and how long you will have to deplete an inherited IRA etc. Derek, Matt, and Keith also discussed changes in Medicare part A and B premiums and deductibles. It is hard to know where the economy is headed in 2020, but that's why you need to have a full retirement plan. You can't miss this show!

Jesse reflects on a Senate bill -- now signed into law as the Setting Every Community Up for Retirement Enhancement (SECURE) Act -- which will require a greater amount of employers to offer 401(k) plans to employees. The new law also makes it easier for annuities to be included in 401(k) offerings by easing the fiduciary rules around fees and expense ratios.   401k) plans are excellent vehicles for saving for retirement because they allow employees to put away a lot of money every year -- up to $19,500 in 2020. Some employers offer matching on 401(k) contributions, further boosting savings rates.   However, the inclusion of more annuities in 401(k) plans has a darker motivation. Annuities typically charge higher fees than mutual funds and index funds -- sometimes a percentage point or more -- making them an inefficient and expensive way to save for retirement for most people. On the other hand, they are very profitable for insurance companies! Not surprisingly, insurance companies lobbied hard for the relaxation of fiduciary rules in the SECURE Act.   Just like Jesse discussed in last week's episode #411, wherever there are incentives, there are people making money. The wise investor follows the money!   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com   Also, go to https://www.youneedabudget.com/bootcamp/ to sign up for the YNAB Debt Bootcamp!

Guest: Bob Keebler, CPA/PFS Now that the SECURE Act is in effect, you need to know how this impacts your clients’ financial plans and what you can do to best serve them. In this episode, Bob Keebler, CPA/PFS will discuss practical knowledge and solutions that will help you best serve your clients: What is the key issue with trusts under the SECURE Act? What is the “conduit trust disaster”? When is it useful to use conduit trusts? What are rules for beneficiaries and exception beneficiaries? Access the related resources from this podcast: H.R.1994 - Setting Every Community Up for Retirement Enhancement Act of 2019 Impact of Tax Reform on Planning Toolkit, including charts from Bob Keebler Demonstrate your competency in personal financial planning with the CPA/PFS credential or the PFP certificate program. Don’t miss other SECURE Act podcasts! SECURE Act: Practical Solutions for your Clients (12/17/2019) Eligible Beneficiary Exception (1/10/2020) IRAs payable to trusts (1/17/2020) IRAs payable to conduit trusts (1/24/2020) Mathematics of estate planning for IRAs (1/31/2020) Estate Administration for IRAs and qualified plans (2/7/2020) The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits. Don’t miss an episode – subscribe to our podcast series on iTunes or Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Passed in the last few weeks of 2019, the Setting Every Community Up for Retirement Enhancement Act will has some major changes to the retirement landscape. Eric and Robert cover some of the most important changes to retirees.

Do you have enough money saved up for your retirement? Do you feel good about your golden years? The good news is that legislation was passed recently. It’s called the Setting Every Community Up for Retirement Enhancement (SECURE) Act. However, it means saying goodbye to stretch IRAs and age limits on IRA contributions. Toby Mathis and Jeff Webb of Anderson Advisors answer SECURE Act and other tax questions that may impact your financial future. Do you have a tax question? Submit it to taxtuesday@andersonadvisors. Highlights/Topics:  I am trying to qualify my wife for real estate professional status, and she will go part-time next year. She is a physician. How will IRS treat her on-call duty hours? Only count hours she is actually working on real estate, not her on-call duty hours I have significant start-up costs for training prior to the establishment of my LLC (C Corp). Are there alternatives to recapturing the start-up costs in less than 15 years? No, but you can write off $5,000 for up to $50,000 in start-up costs the first year  I am interested in providing a Wellness Plan for my employees. How do we structure it, so it isn’t taxable income for employees? Non-taxable benefit to company, and non-deductible benefit to employees Is gap lending income passive or active for a 401(k)? Gap lending is lending and passive/interest income; not an active business   For all questions/answers discussed, sign up to be a Platinum member to view the replay! Go to iTunes to leave a review of the Tax Tuesday podcast.  Resources: SECURE Act Individual Retirement Arrangements (IRAs)  Stretch IRA Traditional and Roth IRAs Real Estate Professional Requirements Types of Trusts Bonus Depreciation Depreciation Recapture Health Savings Account (HSA) Schedule C Cost Segregation Tax Breaks! 401(k) 1031 Exchange Solo 401(k) Capital Gains Exclusion/Section 121 Garn-St Germain Depository Institutions Act of 1982 Rollovers as Business Start-Ups (ROBS) Employer ID Number (EIN) 501(c)(3) 199A Deduction Opportunity Zones FAQ Opportunity Zone Heat Map Airbnb/Short-term Rentals Toby Mathis Anderson Advisors Anderson Advisors Tax and Asset Protection Event Tax-Wise Workshop Anderson Advisors on YouTube Anderson Advisors on Facebook Anderson Advisors Podcast

The SECURE Act is the biggest piece of retirement legislation to pass since 2006. On this episode, we discuss what the SECURE Act is and how it will affect you and your retirement plans. The acronym SECURE stands for "Setting Every Community Up for Retirement Enhancement."  Watch corresponding Youtube video here: https://www.youtube.com/watch?v=d0K8KBlCYhs&t=2s In our breakdown of the new bill, you’ll learn about the highlights including new IRA rules, changes to 401K’s, non-retirement changes, and extenders. The Stretch IRA is not as stretchy One of the most impactful changes in the legislation deals with the Stretch IRA provision for non-spouse beneficiaries. Under the old law, upon a person’s death, the non-spouse beneficiaries of their 401K’s and IRA’s could withdraw savings over the span of their entire lifetime. Now, as of January 1, 2020, the Secure Act compresses that time period to only 10 years after the year of death, thus speeding up the timeframe for taxes to be paid on these pre-tax savings. This complicates some old strategies being used, but creates new planning techniques for others. There are a few eligible designated beneficiaries that will avoid the 10 year payout. These include: the surviving spouse of the deceased account owner a minor child of the deceased account owner a beneficiary who is no more than 10 years younger than the deceased account owner a chronically-ill individual a disabled individual Tune in to see how you may need to tweak your retirement withdrawal strategies to best work for you and your heirs. More changes to IRA’s The Stretch IRA wasn’t the only thing that changed with IRA’s. The required minimum distribution (RMD) age was raised from age 70 ½ to 72. This means, for those yet to reach 70.5 by 1/1/2020, that you won’t have to take funds out of your IRA until age 72. You’ll have a year and a half longer to convert those funds to a Roth IRA, depending on tax brackets. Despite the RMD age moving back, you still have the option to make a qualified charitable distribution (QCD) at age 70. If you'd like a refresher for some of these financial acronyms we're mentioning, check out episode 63, our Financial Acronymology guide. Additionally, those over 70 and still working can now contribute to a traditional IRA if they have earned income. In the old law, this ability stopped at 70.5. But people are living and working longer now (without adequate retirement savings for many), so the SECURE act makes this possible. Good news for 401K’s Finally, we get to the part about setting communities up for retirement. With the changes in the Secure Act, more small business owners will be able to offer 401K’s to their employees. The bill makes it easier to be auto-enrolled to help those people that never get around to setting up their 401K contributions. Part-time employees will also benefit from the new bill. Now part-timers who have worked 500 hours over the past 3 years will have access to 401K’s. These changes are designed to make retirement savings a bit easier. How will the Secure Act change your financial plans? The Secure Act is a great reminder of how quickly laws can change. Without close attention, your original intent could no longer be the most optimal strategy for your retirement plans. One of our primary responsibilities is to help you uncover tax saving or planning opportunities when they become available. Remember, financial planning is like putting together a puzzle. Make sure you have all the pieces by learning as much as you can to improve your financial opportunities. Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for 20 years. Outline of This Episode [3:04] The biggest changes with the Secure Act are to IRA’s [11:44] Small businesses will find it easier to offer 401K’s to their employees [17:07] Non-retirement changes [18:55] The extenders Resources & People Mentioned Fidelity – The SECURE Act and You Fidelity – SECURE Act FAQ’s Lexicology – The Good News and Really Bad News for IRA Owners Under the SECURE Act Kitces.com – SECURE Act and Tax Extenders Episode 63 – Financial Acronymology Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Spotify Google Podcasts

Have you reviewed your retirement plan recently? Think your 401K is something that can wait until later? Listen about the new law effective as of January 1, 2020, a $1.4 Trillion spending package called the Further Consolidated Appropriations Act of 2020 included the Setting Every Community Up for Retirement Enhancement Act. Learn how these changes can benefit or effect you and your beneficiaries before it’s time to retire.

Guest: Bob Keebler, CPA/PFS Now that the SECURE Act is in effect, you need to know how this impacts your clients’ financial plans and what you can do to best serve them. In this episode, Bob Keebler, CPA/PFS will discuss practical knowledge and solutions that will help you best serve your clients: What are the 5 eligible beneficiary exceptions under the provisions of the SECURE Act? What solutions using trusts should you analyze to help your clients? What does this mean for your clients in 2020 and beyond? Access the related resources from this podcast: H.R.1994 - Setting Every Community Up for Retirement Enhancement Act of 2019 Impact of Tax Reform on Planning Toolkit, including charts from Bob Keebler Demonstrate your competency in personal financial planning with the CPA/PFS credential or the PFP certificate program. Don’t miss other SECURE Act podcasts! SECURE Act: Practical Solutions for your Clients (12/17/2019) Eligible Beneficiary Exception (1/10/2020) IRAs payable to trusts (1/17/2020) IRAs payable to conduit trusts (1/24/2020) Mathematics of estate planning for IRAs (1/31/2020) Estate Administration for IRAs and qualified plans (2/7/2020) The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits. Don’t miss an episode – subscribe to our podcast series on iTunes or Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

This week, SHP founders, Derek Gregoire, Matthew Peck CFP® CIMA®, and Keith Ellis, will discuss a huge change in legislation, The SECURE Act. What is it? How will affect you? The SECURE Act or "Setting Every Community Up for Retirement Enhancement" bill that President Trump signed, will include changes like, what age you will need to take your RMD’s and how long you will have to deplete an inherited IRA etc. Derek, Matt, and Keith will also discuss changes in Medicare part A and B premiums and deductibles. It is hard to know where the economy is headed in 2020, but that's why you need to have a full retirement plan.

The SECURE Act went into effect January 1, 2020, Setting Every Community Up for Retirement Enhancement. But does it really? The GenWealth Team takes a look at the new legislation and what it can mean for your financial future.Originally aired 1/4/2020Let's secure some disclosures, shall we?Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.“Stretch IRA” is a marketing term implying the ability of a beneficiary of a Decedent's IRA to withdraw the least amount of money at the latest allowable time in order to maintain the inherited IRA assets for the longest time period possible. Beneficiary distribution options depend on a number of factors such as the type and age of the beneficiary, the relationship of the beneficiary to the decedent and the age of the decedent at death and may result in the inability to “stretch” a decedent's IRA. Illustration values will greatly depend on the assumptions used which may not be predictable such as future tax laws, IRS rules, inflation and constant rates of return. Costs including custodial fees may be incurred on a specified frequency while the account remains open.The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change. This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing. 

Since 2006, the largest piece of legislative change in retirement rules took place last week and will go into effect January 1, 2020. The Setting Every Community Up for Retirement Enhancement or SECURE Act includes significant provisions aimed at increasing access to tax-advantaged accounts and preventing older Americans from outliving their assets. Lawmakers hope the new rules will do two things: encourage more business owners to offer retirement plans and encourage workers to save more for retirement. In this episode of Retiring Today, we about the increases in the RMD age from 70.5 to 72 for most people, small employers banding together to offer 401k plans, the elimination of the stretch IRA for most non-spousal beneficiaries and spousal rollover traps. For more information on The SECURE Act, visit MerklePlan.com.

Just in time for the holidays, the Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, has been made law, effective January 1, 2020. Joe and Big Al explain what it means for your stretch IRAs, required minimum distributions, retirement savings and more. Plus the fellas answer your questions on self-employed small business retirement plans and paying off the mortgage. Ask money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-253

The passage of bipartisan legislation, the Setting Every Community Up for Retirement Enhancement – better known as the SECURE Act - marks the biggest legislative change to America’s retirement system in more than a dozen years. In this podcast, SIFMA president and CEO Kenneth E. Bentsen, Jr. and SIFMA managing director and associate general counsel, Lisa Bleier, explain what the SECURE Act means for retirement savers.

Guest: Bob Keebler, CPA/PFS The SECURE Act passes as part of a spending package and is expected to be signed into law by the President before the end of the year to avoid a government shutdown. In this episode, Bob Keebler, CPA/PFS will discuss practical knowledge and solutions that will help you best serve your clients: What are the important provisions of the SECURE Act that you need to know? What are the most urgent issues to address with your clients? What other solutions should you analyze to help your clients? What new “traps” should you look out for? What does this mean for your clients in 2020 and beyond? Access the related resources from this podcast: H.R.1994 - Setting Every Community Up for Retirement Enhancement Act of 2019 Impact of Tax Reform on Planning Toolkit, including charts from Bob Keebler Demonstrate your competency in personal financial planning with the CPA/PFS credential or the PFP certificate program. The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits. Don’t miss an episode – subscribe to our podcast series on iTunes or Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guest: Bob Keebler, CPA/PFS & David Cahoone, JD, LLM Category: Technical In this episode, Bob Keebler, CPA/PFS discusses the planning strategies related to the proposed SECURE Act using charitable remainder trusts (CRTs) as beneficiaries as IRAs to simulate a stretch IRA. He answers the questions: When the SECURE Act becomes law, what happens to the stretch IRA as we know it today? If the stretch IRA is gone for most descendants, is there any hope for continued life stretch-out? Is a stretch-out only a tax deferral strategy or is there more to it? How would a CRT be structured to receive retirement benefits? What are the tax consequences of naming a CRT of a retirement plan beneficiary? And more! Access the related resources from this podcast: Impact of Tax Reform on Planning Toolkit H.R.1994 - Setting Every Community Up for Retirement Enhancement Act of 2019 The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits. Don’t miss an episode – subscribe to our podcast series on iTunes or Pod-o-Matic! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device from your web browser or favorite podcast app.

In this podcast, Beth Allen and Chase Cannon discuss the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Beth highlights the last major retirement legislation that's passed and briefly discusses what has taken place to bring the SECURE Act to this point. That discussion leads into a conversation about what all the SECURE Act entails, including what the act would mean for retirement plan participants, plan sponsors, and industry organizations. They end with a discussion of where the bill is now and what could happen next.

There is an important piece of legislation that has passed the House of Representatives and is being considered in the Senate. It's technically known as H.R. 1994 "Setting Every Community Up for Retirement Enhancement Act of 2019." It has some changes that are potentially helpful to you; and some that may destroy the value of your qualified accounts. Joshua

In Mathew 16, Jesus confronted the Pharisees and Sadducees when they tried to test Him, saying that they knew how to interpret a red sky but couldn't interpret the signs of the times. This week, Hans and Robby talk about the fear and confusion of retirement taxes. People tend to worry when their tax return is smaller than expected, while in reality, this is no cause for fear because the tax rates holistically have gone down. It's important to know the difference between retirement policy and politics so you can plan financially and live well.   Hans recently participated in a webinar with IRA expert Ed Slott and discussed the S.E.C.U.R.E. Act that recently passed in the House of Representatives. Hans says it's crucial for financial planners to pay attention to new tax rates and plan ahead for their clients' best interests. A single person can have an income up to $40,000 and a couple can file jointly with an income up to $78,950 to qualify for a 12% income tax. The next bracket allows a joint income up to $168,400 and a single income up to $84,200 for a 22% income tax. Robby talks about how a lot of families will find themselves in those brackets, and, instead of being afraid, should save and think about the future. You can generate more income by converting traditional IRAs or 401ks to a Roth IRA. This will allow you to pay taxes on the money going into the Roth in the spring and take advantage of the 12%, 22%, and 24% brackets. Robby says it wasn't that long ago when the tax rate was 30% or 34%, and right now, with the low rates, there's an opportunity to save and manage your money shrewdly.    Most people had a pension and savings to prepare for retirement 30 years ago. Now pensions are less common and 401ks, tax deferred savings plans, and IRAs are popular. These accounts give the impression of big balances, but that money hasn't been taxed yet. Because of this, there's not as much money in those accounts as people assume. Converting this money to a Roth over several years will minimize your taxes at a lower rate. Even though you are increasing your current taxes,  you'll be saving money down the line and creating a stable retirement income. Up next, Hans and Robby talk about the S.E.C.U.R.E. Act currently being processed in the Senate. The S.E.C.U.R.E. Act stands for Setting Every Community Up for Retirement Enhancement Act 2019. The bill is intended to help people better prepare for retirement by getting them to use their IRAs.   Because of this, the S.E.C.U.R.E. Act has changed the policy concerning beneficiaries. If a spouse is named beneficiary, they'll inherit the money in an IRA with no change. But if children are named beneficiaries, they can only stretch IRA taxes over ten years instead of their life span. Hans says if the goal is to leave as much money as possible to your heir, you should meet with a retirement advisor to help minimize potential taxes. It could be that life insurance is a better alternative to an IRA. The point is, tax bracket management is the key to secure retirement planning. Don't forget to get your copy of "The Complete Cardinal Guide to Planning for and Living in Retirement" on Amazon or on CardinalGuide.com for free! You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com.

Recently passed through the House, the SECURE Act has a lot of new retirement implications. You'll want to hear the next two episodes of the podcast as we break down the act in a two-part series. We'll cover what this might mean for your retirement plan.   Confidence Corner 1:34 All about the SECURE Act of 2019 First major retirement legislation since 2006. SECURE Act stands for “Setting Every Community Up for Retirement Enhancement” Act. Passed through the House but still has to go through the Senate. 4:42 Small business retirement plans Title 1, Section 101 will help small business employers to increase access to retirement plans. The majority of Americans are employed by small business owners. It will give the employer tax benefits. For small companies, 401(k) costs are big, so this will help incentivize small business owners. To do this, businesses will be lumped together potentially to the share the cost of a retirement plan. 7:56 Increased annuity options inside retirement plans A lot of 401(k)s allow annuitization options when you retire in order to turn your 401(k) into a pension. This will be a required option inside the 401(k)s to provide a guaranteed number. 10:29 Increasing the RMD age This is what is gaining the most publicity. Right now, you have to take required monthly distributions at age 70 and a half. Under this bill, that will increase to 72 years old. People are living longer, so this may help spread the distributions out. For a lot of people, Nathan doesn't feel like this will make enough of a difference. If people need to take these distributions earlier anyway, then it's not as big of a benefit. 15:01 Removing age limitations on IRA contributions Right now, you cannot contribute to an IRA after age 70 and a half due to RMDs. If you are still working, you can continue to contribute to a 401(k) or a Roth.   Additional Resources: Schedule A Meeting Download Your Retirement Rescue Toolkit - Learn More About Our Firm Your Guide: Nathan O'Bryant - Contact

This week, the podcast takes a look at the first major retirement legislation to move through Congress in more than a decade According to some policy folks, it is the most significant retirement legislation since the passage of the Pension Protection Act (PPA) in 2006. That’s hard to debate, but only, as mentioned, because it’s the only retirement legislation to come along since PPA was passed. Several much more pressing (“significant”) retirement matters need to be addressed by lawmakers and policymakers. One is the looming implosion of multi-employer pension plans covering more than 10 million workers and retirees. These were created under collective bargaining agreements and jointly funded by groups of employers in industries like construction, trucking, mining and food retailing. Congress has been working on a solution, and it was good to see a bill advance out of the House Education & Labor Committee this week.Another big issue is weakened fiduciary protection for retirement savers. The Securities and Exchange Commission approved its Regulation Best Interest regulation this month; as expected, it is far weaker than the now-deceased fiduciary rule implemented by the Obama-era Department of Labor. The SEC rule relies on disclosure - here’s 100 pages of fine print, and you’re on your own.And of course the other enormous, looming issue is Social Security reform - if nothing is done by 2035, we’re all looking at a haircut on benefits of about 25 percent.But I digress - back to the legislation at hand - the Setting Every Community Up for Retirement Enhancement Act of 2019 - SECURE for short. The bill recently passed the House of Representatives by a lop-sided, bipartisan margin, and it is under consideration by the Senate now. You can find more in my most recent Reuters column, but in brief, SECURE contains a laundry list of provisions that the financial services industry has wanted passed for a long time. It focuses in four key areas:Increasing access to employer-sponsored workplace savings plans';Getting people in these plans to save more;Add features to workplace plans that get people to focus on how their savings translate to income in retirementIncrease financial literacy on how savings translate into spending and income in retirement.One of the key provisions make it possible for employers to band together to offer a single workplace retirement plan to workers. This typically would be small employers. I’ve been skeptical that this will put much of a dent in the country’s workplace coverage gap. For one thing, it’s not at all clear many plan providers will jump into this market to offer plans. And more-competitive low-cost options for small employers have surfaced since this idea was first hatched some years ago. SECURE also would make it much easier for employers to add the option of converting part of your 401k savings to an annuity at the point of retirement. The idea here is to help assure people of a higher amount of guaranteed income in retirement. Then there’s some small stuff. For example, recognizing that more people are working longer, the age when required minimum distributions must begin would increase from 70.5 to 72. And the maximum age for contributing to an IRA (also 70.5) would be repealed. (Insert yawn here.)But I wanted to get a reasoned defense of the SECURE Act for the podcast. For that, I turned to Melissa Kahn, managing director of retirement policy for the defined contribution team at State Street Global Advisors - a very large company that manages nearly $3 trillion in assets worldwide. Melissa is an attorney with extensive experience in the world of employee benefits and regulation. Before joining State Street, she worked as a consultant in the industry and also for more than a decade working in the life insurance business. She wrote an excellent article recently that does a great job distilling what’s in the SECURE Act.Subscribe during the Spring Sale!This podcast is part of the newsletter I distribute to subscribers to the RetirementRevised.com newsletter. It’s a listener-supported endeavor, and I hope you’ll consider subscribing. Along with the podcast, you’ll get access to the series of retirement guides that I’m publishing right now - brief, downloadable resources to help you understand challenges like optimizing Social Security benefits, transitioning to Medicare from other types of insurance and how to hire a financial adviser. Each guide is paired with a podcast interview with a top expert in the field. Right now, you can take advantage of the Spring sale - half off your first year. Check it out using the “subscribe now” link at the bottom of this page, or visit the website for more details.If you’re listening on Apple Podcasts or Stitcher, please leave a review and comment to let me know what you think. You’ll be helping me get more visibility for the show. If you like what you see here, I hope you’ll consider subscribing, too. This is a public episode. Get access to private episodes at retirementrevised.substack.com/subscribe

On May 23rd, an Act dubbed S.E.C.U.R.E., Setting Every Community Up for Retirement Enhancement Act, passed the House of Representatives. A nearly identical bill, the Retirement Enhancement Securities Act (RESA), is currently in front of the Senate. The eventual legislation will likely have aspects of both. Whatever the nuances in the ultimate Act, the legislation is the most significant change in retirement-related laws since 2006. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

On May 23rd, an Act dubbed S.E.C.U.R.E., Setting Every Community Up for Retirement Enhancement Act, passed the House of Representatives. A nearly identical bill, the Retirement Enhancement Securities Act (RESA), is currently in front of the Senate. The eventual legislation will likely have aspects of both. Whatever the nuances in the ultimate Act, the legislation is the most significant change in retirement-related laws since 2006. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

This week's episode includes some reader questions, and a review of the The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act). The SECURE Act has passed the House of Representatives, and a similar bill is working in the Senate. For more, visit the show notes at https://www.bigpictureretirement.com/5-things-to-know-about-the-secure-act-of-2019