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Thank you for listening to the Mind of a Millionaire podcast. This week Zak is discussing some recent tax changes along with the SECURE Act. Zak will touch on the what we believe to be the six most important changes and how they may affect your retirement.
401k/403(b) Contribution Limits Increase [3:17]
401k/403(b) 50+ Catch-Up Increase [5:00]
Health Savings Account (HSA) Increase [5:50]
The SECURE Act [7:21]
- Eliminates the age the making Traditional IRA contributions [8:16]
- Increases the required minimum distribution (RMD) age to 72 [9:34]
- Allows penalty-free withdraws for childbirth or adoption [10:50]
- Eliminates the stretch IRA [13:39]
- Encourages employer-based retirement plans to offer annuities [15:04]
- You can use a 529 to pay down student loans [17:42]
- Every Child Born or Adopted in Colorado Starting Jan. 1 Will Get $100 for College Savings Account [21:40]
Thank you for tuning in to another episode of the Mind of a Millionaire podcast. We hope you enjoyed and found this information useful. As mentioned by Zak impersonating Marlon Brando at the end, we would be happy to discuss the SECURE Act more with you. If you have questions or if you would like some help addressing your financial future, please don’t hesitate to reach out.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Providence Capital Partners, Inc., a registered investment advisor. Providence Capital Partners, Inc. and Denver Wealth Management are separate entities from LPL Financial.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
No strategy assures success or protects against loss.
Traditional IRA account holders should consider the tax ramifications, ages, and income restrictions in regard to executing a conversion from a Traditional to a Roth IRA. The converted amount is generally subject to income taxation.
Prior to investing in a 529 Plan, investors should consider whether the investor’s or designated beneficiary’s home state offers state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
Fixed and Variable annuities are suitable for long-term investing, such as retirement investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to the age 59 ½ are subject to a 10% IRS penalty tax and surrender charges may apply. Variable annuities are subject to market risk and may lose value.