On December 29, 2022, SECURE Act 2.0 was made law through the Consolidated Appropriations Act of 2023. Key components of the act include changes to Required Minimum Distribution (RMD) starting ages, changes to retirement plans, and the ability to rollover 529 assets to Roth IRAs.
As we now move into 2023, we wanted to share some important reminders and deadlines as it pertains to your personal financial considerations.
Some of the most frequently asked questions we receive from self-employed individuals revolve around the different retirement plans available to them and their employees.
If you will be eligible for student loan forgiveness and would like to plan for how this will affect your budget and retirement savings, please reach out to your advisor at SGK Wealth Advisors to address your specific situation.
Traditional IRAs require minimum distributions (RMDs) beginning at age 72. If this cash is not needed to cover living expenses, below are some alternative strategies to satisfy RMDs and reduce RMDs in future years:
Planning for one’s death can be daunting, but it is important to consider how your estate should be settled prior to your passing. If proper planning does not occur, you can open your family and loved ones up to added costs and significant delays of receiving their inheritance.