Does this email look familiar to you? Unfortunately, due to Covid, we had to postpone last week's show and rebroadcast a former show. However, we're back and feel better than ever. Looking forward to spending the hour with you!
The ever-changing income scene as well as potential opportunities you might take never cease to amaze. But at least it gives us more to talk about than the unseasonable weather lately.
First, we will discuss the impact of 8.7% increase in Social Security – specifically, how it will impact those who are not yet collecting, and how it will affect the Social Security Trust Fund. Second, the Medicare situation also bears watching as we continue to observe how that performs. Finally, given the declines we’ve seen in the stock market last year as well as the anticipated volatility this year, we will examine how to best approach 2023 for opportunities and cautions.
On last week’s show, CPA Jon Sluis talked about the tax law changes brought about by the SECURE 2.0 Act of 2022, which was signed into law by President Biden on December 29, 2022. Unfortunately, because there was so much to discuss and so many changes, we could only scratch the surface.
So for todays’ show, we’ll continue the discussion and share even more information as it’s disseminated to us. We’ll also interpret and clarify this new information, and hopefully address all your questions and concerns. The changes brought about by the SECURE 2.0 Act were so sweeping that Ed Slott has devoted his entire January newsletter to this subject matter. It’s not often we see something of this magnitude, and the impact may be rather significant to you in the future!
On today’s show, CPA Jon Sluis joins us as we sharpen our focus and (hopefully) our financial well-being as we examine changes to the tax law that were effective on December 23, 2022, as well as adjustments wrought in by the New Year. Ed Slott also has a lot to say about this, so we will share his notes to keep you well-informed. Much will be written and said about these tax reworks, so we’ll discuss how you can reap the most benefits and use these changes (with examples) to help motivate you to action.
Today, Ed Slott, CPA, joins us as we discuss the new SECURE 2.0 Act as well as Ed’s own personal strategies for retirement. Ed is a nationally recognized IRA distribution expert, professional speaker, TV personality and best-selling author. His most recent books include Retirement Decisions Guide: 2023 Edition and The New Retirement Savings Time Bomb. Ed brings a tremendous amount of personal experience and professional expertise to the spectrum of retirement planning, and this same background will be shared with us in this pre-recorded program. As we discussed just after the recording, we were still amazed at the energy, knowledge and enthusiasm Ed shared with us. We are excited to have you share in this, as we talk about many subjects, including Roths, and new rules and regulations. We hope this motivates you to continue your own beneficial journey of knowledge and practical assistance. As always, tune in and take control!
Last week, we discussed Capital Group’s “Five Keys to Investing in 2023.” Unfortunately, we only got through the first two before we ran out of time, so Dennis will wrap up that discussion in the first part of today’s show.
A recent article in The Wall Street Journal reports that more Americans are tapping into their 401(k) savings due to economic and financial hardships. Since 2018, the government has loosened the rules for taking such withdrawals. But what qualifies as a hardship withdrawal? When, if ever, is it appropriate to make a withdrawal? We will answer these questions and more, and discuss the pros and cons of a 401(k) withdrawal versus a loan.
Tax season is upon us, so Heidi will share some timely advice regarding “Seven Useful Facts about Tax Diversification and Retirement.” And Deann will highlight some thought-provoking stats that are sure to intrigue. We look forward to hearing from you (via call or text) live on WTCM AM 580 this morning from 10 to 11 a.m. (with a rebroadcast on Saturday from 9 to 10 a.m.). Tune in and take control!