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Money Guy Show

The IRS Just Changed the Rules About 401(k)s (What You Need to Know)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 20 September 2023

⏱️ 32 minutes

🧾️ Download transcript

Summary

The IRS just announced they are delaying a change to 401(k) contributions to 2026. Here’s what changes are going into effect, what’s getting delayed, and what you need to know. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

We love 401Ks.

0:03.2

So when there's a change, we gotta load you up.

0:05.7

I am excited about this one, because like you said,

0:08.7

things, they are a change and even some of the things that are changing are now changing

0:20.6

from the way that they changed and the last time that they changed.

0:22.7

And what we want to be able to do is make sure that you guys can keep it all straight.

0:25.9

So you know what to expect when it comes to this amazing wealth building tool at your disposal.

0:31.3

Yeah, our favorite taxing uncle, Uncle Sam, you know, he heard what the legislators said

0:37.2

and he's like, wait a minute guys, have you all really thought this through?

0:40.3

They thought about this.

0:41.3

Let's hit the pause button on a few things.

0:43.4

So that's what we just want to load you up.

0:44.8

But I think it's first that I want to set some context here.

0:48.2

In this crazy world we live in now, there is so many influencers and TikTokers.

0:54.7

I mean, we've actually created our own little genre of TikTok reacts and other things off of this.

1:00.9

I want to give people the understanding of why we actually do like 401Ks.

1:05.6

Yeah, we love 401Ks and there are a number of reasons why.

1:09.4

The first of which are the tax benefits.

1:12.2

You've heard us say this a thousand times 401Ks are employer sponsored or time or plans

1:17.3

are one of the very best ways to legally hide money from the government.

1:22.1

You can either hide money from the government now this year with present tax benefits

1:27.2

or you can hide money from the government in future years with Roth benefits 401Ks

...

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