Blue Ridge Wealth Monthly Update – January 2023

by Retirement Advisor | Jan 20, 2023 | Roth IRA

We hope you had a great Christmas and end to 2022! This year, inflation and interest rates dominated the mainstream news. We’re glad the inflation numbers are starting to come down. Hopefully what the Fed has been doing with interest rates will work and not launch us into more economic problems or a long-endured recession.

Student loan forgiveness has not actually gone through yet. Supreme court has that on their docket to decide whether that happens or not. Know that whatever fallout happens from that, we’ll be sure to keep you in the loop. In the cryptocurrency world, FTX collapsed, but that’s why we have regulations in place. Systems that are there to protect you and the future you want to make.

There are a couple of things to keep in mind for Secure Act 2.0. They are looking to raise the RMD age to 73, which will affect some of you, especially if you’re planning on taking RMD at 72 this year. Also, if you have 529 Plans that you have put money into for grandchildren, one of the things in this legislation has made this to where that money could be rolled into a Roth IRA.

For anyone who is self-employed, there has been something called a SEP IRA and they’re now introducing what is called a Roth SEP IRA. If you’re self-employed and have any questions about this, please respond to this email or give us a call to see how we can help you.

Lastly, we’ve begun uploading new, educational video content on our YouTube channel regarding tax planning. Each video is based on a specific situation, so please check that out or if you have a friend who has an advisor that doesn’t really talk about their taxes, send them a link to any of our tax planning videos. If they’re interested in learning about their specific situation, we’d love to see what we can do them. Feel free to take a look and see what you think!

We’re looking forward to a great new year. Hopefully the markets calm down a little bit! As always, we’re here to help in any way we can. We look forward to having a great 2023 with you.