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Secure Act 2.0: Everything You Need To Know About Thumbnail

Secure Act 2.0: Everything You Need To Know About

he Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. Nearly three years to the day after the passage of the Secure Act, Congress has passed the Secure Act 2.0.

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Secure Act 2.0 Overview Thumbnail

Secure Act 2.0 Overview

On December 23, 2022, the Secure Act 2.0 was passed by Congress and signed into law on December 29. This legislation provides a slate of changes that could help strengthen the retirement system and builds on earlier legislation passed in 2019 called the Secure Act.

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2023 Contribution Limits Have Changed Thumbnail

2023 Contribution Limits Have Changed

With inflation taking a toll on everyone, it’s hard to find anything good about it. We finally have a silver lining! The 2023 retirement plan contribution limits have been announced and they have all gone up dramatically, in large part because of the inflationary effect. For those of you who are still working, this is a good opportunity to take advantage of your opportunity to save more money towards retirement as well as your health savings accounts.

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What is a QLAC? How can it help me save money on taxes and make my money last longer? Thumbnail

What is a QLAC? How can it help me save money on taxes and make my money last longer?

A qualified longevity annuity contract, or QLAC is an annuity you purchase from an insurance company using money (from your IRA or other qualified retirement plan such as a 401(k). A QLAC provides guaranteed monthly payments until death and avoids the volatility in the stock market. So long as the QLAC follows the IRS rules, it is exempt from the Required Minimum Distribution (RMD) rules until income stream begins. Purchasing a QLAC lowers your RMD’s which must begin at age 72 and reduces your tax bill in the years prior to the commencement of annuity payments from the QLAC.

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Medicare Annual Open Enrollment is Here Thumbnail

Medicare Annual Open Enrollment is Here

For those of you who are on Medicare it’s that time of year again. Medicare open enrollment occurs annually from October 15th through December 7th, for a January 1, 2023, effective date. Fall Open Enrollment is the time of year when you can change your Medicare Advantage Plan or Medicare Part D prescription drug plan. During this time, you can make changes to your coverage without penalty including enrolling in, changing, or dropping a Medicare Advantage plan or Part D prescription drug plan. You can also choose to keep your current coverage.

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