Ep 6: SECURE Act 2.0 Changes + Important Tax Questions for 2023

Wealth & Wisdom with Michael Loftus

Today we have a great show for anyone nearing retirement because we’re hitting on a few items that are relevant now.

First, we’re going to bring you up-to-date on the SECURE Act 2.0 and the retirement changes that will impact people immediately. After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 was passed in January and there are four specific changes you need to know.

Then we’ll turn our attention to taxes. As you get back in that tax mode early in the year, we want to highlight a few of the top tax questions you should be asking in 2023 if you’re getting close to retirement. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming and we want to bring a little more clarity to what’s most important.

And finally, we’ll open up the mailbag to answer three great questions that tie into our tax discussion about Roth conversions, inherited IRAs, and retirement tax brackets.

Here’s some of what we’ll cover on this show:

· 4 SECURE Act 2.0 changes to be aware of. (1:48)

· Special catch-up provisions. (2:55)

· Top tax questions to be asking in 2023. (4:53)

· The tax considerations for gifting money to children and grandchildren. (8:26)

· Mailbag questions on roth conversions, inherited IRAs, and retirement taxes. (11:05)

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