421 | Secure Act 2.0 Deep Dive | Sean Mullaney

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 23 January 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode: taxes, the secure act 2.0, the best news, roths, 529's, catch-up contributions, and the new options you have.

On December 29th 2022, Joe Biden signed into law the Secure 2.0 Act. As this law may have ramifications on your retirement tax planning, to stay ahead of the curve we decided to have The FI Tax Guy Sean Mullaney back on the show to discuss what this law is and ways one may be able to approach and utilize it going forward with there retirement planning. While laws and regulations may change, staying prepared and aware can keep us worry free as we prepare for the tail end of our FI journey!

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual.

Sean Mullaney:

Website: fitaxguy.com
Book: "Solo 401k: The Solopreneur’s Retirement Account"
Twitter: @SeanMoneyandTax

Timestamps:

1:25 - Introduction
2:55 - The Most Important Change and The Best News
14:19 - More Roth Options
27:05 - The Backdoor Roths And Catch-Up Contributions
31:46 - New Options For 529's
42:27 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

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Transcript

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0:00.0	Hey, it's Brad. We are in 2023 and travel has come roaring back. And in fact, the prices are at an
0:07.5	all-time high. I've never seen airline and hotel prices as expensive as they are right now.
0:13.0	We actually had a big conversation in our Facebook group this past week about using travel
0:18.4	rewards points to go to Disney World. And that's actually an article that I have on ChewsOfI.com.
0:24.8	So if you had to choose of I.com slash Disney, there is a step-by-step instruction on how to take
0:31.6	your family to Disney World for almost free. It's actually one of the easiest trips to take
0:36.6	with travel rewards. And it's the one that I originally published almost 10 years ago on my
0:43.2	old-side Richmond Savers. So this is something that works is easy and has worked for many, many years.
0:49.7	So if you're looking to get started with travel rewards, that's a nice easy way or just head to
0:54.4	ChewsOfI.com slash travel. And that's where we have all of our podcasts on travel. And we also
1:00.3	have all of our credit card reviews, including our top recommended card, the Chase Sapphire Preferred.
1:05.5	I think it can really help you if you use these resources. And of course, it would mean the world
1:10.4	to me if you could use our links when you sign up for credit cards. Thanks and happy travels.
1:14.6	Hello and welcome to ChewsOfI. Today we have Sean Malini, the FI Tax guy on the show,
1:21.2	to help us dive into all the nuance of a new tax law that was just passed. So the Secure Act 2.0
1:27.6	was signed into law by President Biden at the very, very end of 30th of December of 2022.
1:34.0	And this is really impactful for the FI community. And just like always, we need to stay on top of
1:40.6	this. As the laws change, we need to change our strategy potentially, or maybe not. Maybe,
1:45.9	maybe we find out this is just to the good, but we need to stay on top of it. So that's the essential
1:51.3	part. So with that, welcome to ChewsOfI. You're listening to ChewsOfI Radio.
1:59.0	The blueprint for financial independence lives here.
2:01.8	If you're looking to unlock the secrets to financial independence and early retirement,
	...

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