A Word On Wealth
The Secure Act 2.0 & Proposed Changes II
On March 29, 2022, the U.S. House of Representatives passed the Securing a Strong Retirement Act of 2022, commonly known as SECURE Act 2.0. The bill builds on the SECURE Act of 2019—which was aimed at increasing retirement savings and encouraging participation in employer-sponsored retirement plans. Its changes are intended to assist all Americans with building lifetime financial security.
Keep in mind that the legislation is still evolving. Lawmakers may revise the SECURE 2.0 provisions as the Senate works through the legislation. Once finalized and if passed by the Senate, the bill will then go to the President for consideration.
Today we will cover many of the proposed changes:
· Changes – reduces the penalty for missing a distribution if you don’t take your RMD
· Changing the age for Required Minimum Distributions from 72 to 75. This may be phased in over time or be immediate.
· Adding a catch-up provision for IRA – allows for the fund to be indexed for inflation.
· Qualified charitable distributions up to $100,000 per year
· Penalty-free distributions for domestic abuse victims
· Beneficiaries IRAs – annual withdrawals over a lifetime, shorted over a 10-year period.
· SEP and simple IRAs to allow Roth contributions
· Employers allow employees to take distributions out to pay for long term care premiums
We welcome you to take a listen and if you have questions feel free to contact us 810 732-7411.Stephens Wealth Management Group (SWMG) is a wealth management practice located at 5206 Gateway Centre, Suite 300, Flint, Michigan.
*Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Stephens Consulting, LLC, doing business as Stephens Wealth Management Group (SWMG), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Stephens Consulting. Please remember that if you are a SWMG client, it remains your responsibility to advise us, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. SWMG is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of SWMG’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request. Links are being provided for information purposes only. SWMG is not affiliated with and does not endorse, authorize, or sponsor any of the listed web
On March 29, 2022, the U.S. House of Representatives passed the Securing a Strong Retirement Act of 2022, commonly known as SECURE Act 2.0. The bill builds on the SECURE Act of 2019—which was aimed at increasing retirement savings and encouraging participation in employer-sponsored retirement plans. Its changes are intended to assist all Americans with building lifetime financial security.
Keep in mind that the legislation is still evolving. Lawmakers may revise the SECURE 2.0 provisions as the Senate works through the legislation. Once finalized and if passed by the Senate, the bill will then go to the President for consideration.
Today we will cover many of the proposed changes:
· Changes – reduces the penalty for missing a distribution if you don’t take your RMD
· Changing the age for Required Minimum Distributions from 72 to 75. This may be phased in over time or be immediate.
· Adding a catch-up provision for IRA – allows for the fund to be indexed for inflation.
· Qualified charitable distributions up to $100,000 per year
· Penalty-free distributions for domestic abuse victims
· Beneficiaries IRAs – annual withdrawals over a lifetime, shorted over a 10-year period.
· SEP and simple IRAs to allow Roth contributions
· Employers allow employees to take distributions out to pay for long term care premiums
We welcome you to take a listen and if you have questions feel free to contact us 810 732-7411.Stephens Wealth Management Group (SWMG) is a wealth management practice located at 5206 Gateway Centre, Suite 300, Flint, Michigan.
*Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Stephens Consulting, LLC, doing business as Stephens Wealth Management Group (SWMG), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Stephens Consulting. Please remember that if you are a SWMG client, it remains your responsibility to advise us, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. SWMG is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of SWMG’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request. Links are being provided for information purposes only. SWMG is not affiliated with and does not endorse, authorize, or sponsor any of the listed web