Suze School: The Secure Act 2.0 and How It Effects Your Money
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Suze Orman Media
4.8 • 4.2K Ratings
🗓️ 8 January 2023
⏱️ 27 minutes
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Summary
On today’s episode, Suze reviews the Secure Act 2.0 and the changes to the age for RMDs, excess contributions and more.
Plus, Suze announces the winners in the Alliant Ultimate Opportunity Holiday Sweepstakes!
Take advantage of the Ultimate Opportunity Savings Account with Alliant Credit Union at: https://bit.ly/3vEUTZW
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Transcript
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| 0:00.0 | Hi everybody, Susie O'Hare. And I just want to say how proud both KT and I are that once again |
| 0:07.6 | a Lyon Credit Union is supporting the Women and Money Podcast. I want all of you to go to my |
| 0:16.4 | alliance.com that's amy-al-l-i-a-n-t.com. And you will find their high interest rates on your savings |
| 0:26.7 | accounts. You're going to find that their CDs are offering great rates and we have a lot of |
| 0:32.4 | surprises for you this year. So be a member and be a member right now. |
| 1:02.4 | January 8th, 2021. Welcome everybody to the Women and Money Podcast. And everybody smart enough |
| 1:20.8 | to listen. Today is Susie School. But before we get to Susie School, I just want to tell you |
| 1:29.1 | that at the end of today's podcast, I will be announcing the winners of the Alliance Holiday |
| 1:37.6 | Sweepstakes. Last year, if you were part of the Ultimate Opportunity Savings Account, if you are |
| 1:44.3 | a member of a Lyon Credit Union for the second year in a row, you were automatically entered into |
| 1:52.4 | the Holiday Sweepstakes where two of you have won now $10,000 each. So I will be announcing that |
| 2:03.2 | shortly. All right. Here's what I want to tell you. Get out. Your little Susie notebooks. |
| 2:10.1 | Because I am going through all the changes that were enacted in what was called the Secure Act 2.0. |
| 2:19.8 | And there were over 100 changes in many things that will affect you, but many of those changes don't |
| 2:29.0 | take place until 2024, 2025. So therefore, I'm only going to go over the changes that affect you |
| 2:39.6 | this year. Because if I were to go over all of them, your head would explode like mine did. And you |
| 2:46.9 | don't want that to happen to you. Okay. Are you ready to begin? So let's start with the simple |
| 2:56.3 | ones. So the simple ones actually are not part of Secure 2.0. They're every year changes that we have |
| 3:07.2 | to the income limitations and the contribution levels for retirement accounts. So the simple ones are |
| 3:15.4 | that starting this year, 2023, that the annual contribution limit for an IRA, whether it's a |
| 3:26.0 | traditional IRA or Roth IRA, has increased to $6,500 if you are under 50 and $7,500 if you are 50 |
| 3:38.2 | or older. To qualify for the Roth IRA, which all of you know is my favorite type of retirement |
... |
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