EPISODE #263 You can find the links and resources for this episode on our website here: - Want a complimentary copy of our latest book, Your Business Your Wealth? All you have to do is review our podcast (on Apple Podcast / Spotify / Stitcher), then email us a screenshot of your review to info@sfgwa.com and we'll mail you a copy of our latest book. This Material is Intended for General Public Use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. Sound Financial LLC dba Sound Financial Group is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through Sound Financial LLC dba Sound Financial Group and individually licensed and appointed agents in all appropriate jurisdictions. This podcast is meant for general informational purposes and is not to be construed as tax, legal, or investment advice. You should consult a financial professional regarding your individual situation. Guest speakers are not affiliated with Sound Financial LLC dba Sound Financial Group unless otherwise stated, and their opinions are their own. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. Past performance is not a guarantee of future results....(read more)
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The Secure Act 2.0 is an important piece of legislation that can have a major impact on your retirement plan. It was recently passed by Congress and is set to go into effect in 2021. The Secure Act 2.0 is designed to make it easier for Americans to save for retirement and to reduce the financial burden of retirement. The Secure Act 2.0 includes several provisions that can help you save for retirement. One of the most significant changes is the elimination of the “stretch IRA” provision. Under the old rules, if you inherited an IRA from a deceased relative, you were allowed to stretch out the tax-deferred withdrawals over your lifetime. This allowed you to reduce your tax burden and potentially pass more money on to your heirs. The Secure Act 2.0 eliminates this provision, which means that the entire balance of the inherited IRA must be withdrawn within 10 years. The Secure Act 2.0 also makes it easier for small businesses to offer retirement plans to their employees. The legislation includes several tax credits and other incentives to encourage small businesses to establish and maintain retirement plans. This could be beneficial for workers who may not have access to a retirement plan at their current job. The Secure Act 2.0 also increases the age at which people must begin taking required minimum distributions (RMDs) from their retirement accounts. Previously, RMDs had to begin at age 70 ½. Under the Secure Act 2.0, the age is increased to 72. This could be beneficial for those who want to delay taking their RMDs until they are older and may need the money more. Finally, the Secure Act 2.0 includes a provision that allows people to make a “qualified charitable distribution” (QCD) from their IRA. This allows people to make up to $100,000 in tax-free donations to qualified charities from their IRA. This could be beneficial for those who want to give back to their communities while also reducing their tax burden. The Secure Act 2.0 is an important piece of legislation that could have a major impact on your retirement plan. Be sure to consult with a financial advisor to understand how the Secure Act 2.0 could affect your retirement plan. https://inflationprotection.org/secure-act-2-0-and-your-retirement-plan/?feed_id=68209&_unique_id=63e0e997a0865 #Inflation #Retirement #GoldIRA #Wealth #Investing #2022retirement #congress #investing #JoeBiden #newretirementlaw #pauladams #Retirement #retirementlaw #RetirementPlans #retirementrules #secureact2 #soundfinancialgroup #stockmarket #SEPIRA #2022retirement #congress #investing #JoeBiden #newretirementlaw #pauladams #Retirement #retirementlaw #RetirementPlans #retirementrules #secureact2 #soundfinancialgroup #stockmarket
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