In this video, Colin Exelby, CFP® explains the changes that are taking effect immediately and changes that will be phased in through Secure Act 2.0. It is divided into three sections to make it easier for you:
• In the first section are changes that apply right now to people who are currently contributing.
• In the second section are changes that apply right now for people planning for or taking retirement distributions.
• In the third section are changes that will apply in the next few years.

Secure Act 2.0 was pushed through on December 31st, 2022 and these retirement plan changes will affect everyone differently. It will affect you if you are contributing for retirement and It will affect you if you are withdrawing funds in retirement to live on. The hope is that these retirement changes will make it easier for people to save for retirement and give more options for withdrawing funds efficiently.

TIMESTAMPS
3:37 – Changes Effective Immediately for Contributors
7:37 – Retiree Distribution Changes in Effect Now
12:20 – Changes coming in the next few years

Here are two great resources to get a handle on your budget. They’re free to use and have really helped my family and my clients manage finances more efficiently.

#1: ★☆★ Rocket Money (originally called as TrueBill) ★☆★

#2: ★☆★Personal Capital ★☆★

OTHER RESOURCES

★☆★ Financial Freedom 2023: How to Create a Tax-Free Retirement Income ★☆★

★☆★ How to Create a 💯 % Tax-Free Retirement Income PLAYLIST ★☆★

★☆★ Book Your Free Consultation! ★☆★

★☆★Gusto Bookkeeping★☆★

[About] Colin Exelby is a Certified Financial Planner Professional™ or CFP®. He owns the virtual financial advisory practice Celestial Wealth Management.

I provide financial planning for business owners and their families that makes sense.

Transformational change is made when you focus on the big picture. My goal is to help you think outside the box about your life, your money, and your health to be the best you can possibly be.

We strive to help you:
*Optimize Your Cash Flow
*Minimize Your Taxes
*Build Your Net Worth
*Create a Lasting Legacy

➡️ ➡️Free Guide Here:

Do you watch Dave Ramsey, Robert Kiyosaki, Grant Cardone, Gary Vee, Graham Stephan, Meet Kevin, Ryan Scribner, Replace Your Mortgage, Project Life Mastery, Russel Brunson, Alex Becker, Tanner J Fox, Refusing to Settle, Dan Lok, Jeff Rose, Tai Lopez, Bigger Pockets, or Pat Flynn? Then you’ll love our channel! Be sure to subscribe and I’ll see you in the comments!

Affiliate Link Disclaimer: I only recommend products I would use myself and all opinions expressed here are our own. This post may contain affiliate links that at no additional cost to you, I may earn a small commission. Read full privacy policy at celestialwm.com.

TAGS – colin exelby,New 401K,IRA,529 Rules & Benefits You Need to Know in 2023,Celestial Wealth Management,Secure Act 2.0,401k,403bs,Thrift Savings Plan,529 plans,Retirement Plaaning,SEP IRA,Stimulus Check,Stock Market Crash,Investing,Recession 2023,Roth IRA,Traditional IRA,Cryptocurrency,Bitcoin,BTC,Inflation 2023,Stimulus news,Social Security,Retirement Plan,retirement planning,IRS,Tax Credit,Tax Deduction,Retirement,Personal Finance,RMDs,Emergency Fund, SECURE 2.0 Act Still Leaves Holes in US Retirement Plans, SECURE Act 2.0 | Important Changes That You Need to Know, 10 Things You Should Know About Secure Act 2.0, SECURE Act 2.0 | 7 Important Changes That You Need to Know, 10 Ways SECURE Act 2.0 Changes Your Retirement and Tax Planning, Two Ways The Secure Act 2.0 Will Actually Help You!, How New Changes to Retirement Laws Will Impact Your Finances – Episode 1, Retirement Rule Changes Washington State Employees Need To Know. (Secure Act 2.0), SECURE Act 2.0 Summary: What to Know, Secure Act 2.0 – Big Changes Coming to Retirement Plans, SECURE Act 2.0 : 5 Key Changes to IRA and 401k, Retirement: Secure Act 2.0 ‘to help close the access gap,’ expert says, Retirement: Secure Act 2.0 a ‘positive for savers,’ policy strategist says, Breaking Down The New Federal Retirement Law: Secure Act 2.0 | NerdWallet, Secure Act 2.0: 5 Major Benefits for Individuals, How Much You Should Have Saved for Retirement by Age 55, 60, 65, Here Comes SECURE 2.0 – Déjà Vu All Over Again, Secure 2.0 Act Overview, Will the SECURE Act 2.0 Negatively Impact Your Finances?, SECURE Act 2.0 – Key New IRA and 401(k) Rules You Need to Know, SECURE 2.0 Act of 2022 A Quick Summary, SECURE Act 2.0 | Webinar, SECURE 2 0 Act, What The Secure Act 2.0 Means For Those 50+ or Retired (Ep.19), RMD Age 73 Starting in 2023 – Secure Act 2.0, SECURE Act 2.0 – Key Takeaways for Retirees,…(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

As we enter 2023, there are several changes and benefits to be aware of when it comes to retirement accounts and education savings plans. Here are some new rules and benefits to keep in mind:

401K Contribution Limits Increase: Starting in 2023, the 401K contribution limit will increase from $19,500 to $20,500. This means you can contribute an extra $1,000 towards your retirement savings. For those over 50 years old, the catch-up contribution limit also increases from $6,500 to $7,500.

IRA Contribution Limits Stay the Same: While the 401K contribution limit increased, the individual retirement account (IRA) contribution limit remains the same at $6,000 per year. The catch-up contribution limit for those over 50 also remains at $1,000.

529 Plan Expansion: The Tax Cuts and Jobs Act of 2017 expanded the use of 529 savings plans to include not only college expenses but also K-12 expenses. In 2023, qualified expenses now include apprenticeships and student loan repayments up to $10,000. This means that families can now use 529 savings plans to pay for job training programs and student loan debt.

Roth IRA Income Limits Increased: For those who prefer Roth IRAs over traditional IRAs, the income limits have increased. Single filers can now earn up to $139,000 (up from $138,000) and still contribute the full $6,000. For married couples filing jointly, the income limit increases from $208,000 to $211,000.

Benefit from Compounding Interest: With the increase in contribution limits and the longer time frame before retirement, taking advantage of compound interest is more important than ever. Compound interest is the interest earned on both the principal and the accumulated interest on regular contributions to your retirement accounts or education savings plans. The earlier you start contributing, the more time your savings will have to grow with compound interest.

In conclusion, these new rules and benefits provide opportunities for individuals to increase and diversify their retirement savings or education savings plans. It is essential to speak with a financial advisor and make the most of these new opportunities to secure your future financial well-being.