The Massive Retirement Account Changes That Impact You! #617
How to Money
iHeartPodcasts
4.6 • 3.2K Ratings
🗓️ 11 January 2023
⏱️ 56 minutes
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Summary
Would you eat boiled buffalo testicles like they did on the old show Fear Factor? Or walk between two high-rises on a cable? Or allow tarantulas to be dumped on your face while strapped to a table? I’m guessing you’re not interested in doing this for funsies, but you might be singing a different tune iif a million bucks is on the line. And that’s because incentives change everything. When the rules of the game have changed, we need to adjust our behavior accordingly. And at the end of last year the SECURE Act 2.0 was signed into law which effectively changed the rules on a lot of the different retirement accounts that we have access to. There are many provisions in this Act that changed the incentives for how, when, and where we invest for the future. Roth, 529, and self employed retirement accounts were all impacted and so today we discuss many of the changes, and talk about what you should do during today’s episode.
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Transcript
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| 0:00.0 | Hey there, I'm David Novak. I ran Taco Bell KFC in Pizza and like you, I'm always learning |
| 0:06.2 | so that I can be the best leader I can be. That's why I started How Leaders League. The |
| 0:11.0 | first leader-deleter podcast was CEOs from Adobe, Pepsi and the Home Depot so you can learn |
| 0:17.2 | how they get it done. In fact, I just did an episode with Gail Troberman, the president |
| 0:22.4 | and CMO of I Heart. Listen to our entire conversation on How Leaders |
| 0:26.6 | League with David Novak, available on the I Heart Radio app or wherever you listen to podcasts. |
| 0:35.3 | Welcome to How To Money. I'm Joel. I'm Matt and today we're discussing the massive |
| 0:39.8 | retirement account changes that impact you. |
| 1:01.8 | That's right Joel. The massive changes, the specific changes that took place at the end |
| 1:07.2 | of the year. The changes, it's kind of like cascading arrangement of changes. We're going |
| 1:15.0 | to talk about when they're going to be implemented, how they're going to be implemented. |
| 1:18.2 | It passed but it may not actually be implemented for years, even a decade from now. |
| 1:24.2 | We started beginning of this year, someone started until 2027. |
| 1:27.8 | We thought about calling this episode working towards a more secure retirement because |
| 1:32.3 | it's the secure 2.0. But we felt like we were bearing the topic a little bit because |
| 1:37.9 | this truly is really important. It actually makes me think of instruction manuals. A lot |
| 1:42.9 | of folks may have gotten some electronics or a new toy. In my case, I got a Trigger Grill |
| 1:47.5 | for Christmas and it comes with this fat instruction manual. Essentially what we're doing |
| 1:52.6 | is we're sitting down and we are reading that instruction manual and we're making sure |
| 1:56.5 | that you know how to properly run your retirement account. A lot of times you can kind of |
| 2:01.0 | throw that instruction manual to the side and think, I just kind of figure this out. But |
| 2:03.8 | we think this is truly important. We're the kind of nerds who sit down and read page |
... |
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