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Changes in Laws Impacting Retirees' 401(k), 403(b), and 457(b) Plans; The Tax Bomb
Manage episode 357982569 series 3389849
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Did my retirement plan just change? The Setting Every Community Up for Retirement Enhancement (SECURE) Act became effective January 1, 2020. But a new law became effective January 1, 2023, the SECURE Act 2.0 of 2023. Changes in required age minimum distributions of 401(k), 403(b), and 457(b) plans have occurred. It is no longer 70 1/2. The age for required minimum distributions increases to 72 and now 73, which may impact your Medicare premiums or tax bracket. We give concrete examples in this podcast. We also discuss the Protected IRA Plus Plans, which can provide guaranteed lifetime income, protection of assets from market losses, tax free withdrawals specifically for long term care, tax free growth and tax free income later, as well as tax free death benefits.
Being Well Informed is a podcast, which airs weekly on Spotify, Apple Podcasts, Google Podcasts, iHeart Radio, Amazon Music, and other platforms such as You Tube. We discuss trending topics impacting the community.
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