Saving for retirement can be a bit of a three-ringed circus but Joe Anderson, CFP®, and Big Al Clopine, CPA have your ticket to the show! Whether you’re retired, saving for retirement, in the military, or paying off student loans, SECURE 2.0 is a massive shift in investment policy, designed to motivate and enable people to save more for retirement to the tune of $40 billion in new savings plans over the next decade – not to mention reshaping 401(k)s and RMDs. What does the SECURE Act 2.0 mean for you? It’s all under the big top in today’s show!

Download the free guide to the SECURE 2.0 Circus:

Secure 2.0 Circus
• Big Top Benefits
• Inheritance Gymnastics
• Show Time

0:00 – Intro
1:16 – Secure 2.0 Circus
2:50 – 401(k) Changes
5:07 – RMD Changes
6:43 – Emergency Savings Plan
7:00 – Qualified Charitable Distributions
7:43 – 529 Plans
9:14 – Student Loan Match Program
9:43 – Download Guide: SECURE 2.0 Circus
10:30 – True/False: If you inherit an IRA from your father, you can stretch the withdrawals over your lifetime
11:23 – Beneficiary Eligibility
13:47 – 10-Year Rule Options
14:51 – Spousal Beneficiary Option
15:45 – Download Guide: SECURE 2.0 Circus
16:25 – True/False: You can avoid claiming some income for tax purposes by making distributions from an IRA directly to a charity.
16:55 – Qualified Charitable Distributions
17:28 – Late saving? Come out on top!
18:55 – Roth Conversions
20:40 – Ask the Experts: I have small children and want to save for education. Should I fund my 529 plan first?
21:47 – Ask the Experts: As a part-time worker do I qualify for my company’s retirement plan.
22:25 – Pure Takeaway
22:42 – Download Guide: SECURE 2.0 Circus

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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period….(read more)

LEARN MORE ABOUT: Qualified Retirement Plans

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The latest episode of Your Money, Your Wealth® TV, season 9, episode 2 revolves around the SECURE 2.0 Circus, and how it impacts your money and your wealth. Hosts Joe Anderson, CFP® and Big Al Clopine, CPA delve into the details of the Secure Act 2.0, how it is different from its predecessor, and what it means for individual retirement accounts and 401(k) plans.

Firstly, Joe and Al discuss the need for reforms in retirement planning, and how the Secure Act 2.0 aims to address some of the major loopholes in the current retirement system. This includes raising the required minimum distribution (RMD) age to 75, and allowing long-term, part-time workers to participate in 401(k) plans.

However, as the hosts point out, the SECURE 2.0 Circus is not without its quirks and challenges. For example, the proposed bill also includes a provision for auto-enrollment in 401(k) plans, which could potentially put millions of workers in a suboptimal retirement plan. Moreover, the SECURE 2.0 Circus also introduces a new type of retirement account called a “sidcar” plan, which could require individuals to manage two separate accounts, complicating the retirement planning process.

Joe and Al also discuss how the SECURE 2.0 Circus affects the stretch IRA provision, which previously allowed non-spousal beneficiaries to stretch out distributions over their lifetime. Under the new law, non-spousal beneficiaries would be required to distribute inherited IRA assets within 10 years of the account owner’s death. This could have significant implications for estate planning strategies, as well as the tax burden on the heirs.

Throughout the episode, Joe and Al provide valuable insights on how the SECURE 2.0 Circus could impact your retirement planning, savings, and investments. They also offer practical tips for individuals to make the most of the proposed reforms, such as considering alternate retirement savings options like Roth 401(k)s or Roth IRAs.

Overall, Your Money, Your Wealth® TV season 9, episode 2, provides an informative and engaging discussion on the SECURE 2.0 Circus and how it affects your money and your wealth. Whether you are a retiree, a soon-to-be retiree, or someone who is just starting to plan your retirement, this episode is a must-watch.