Looking Ahead for 2023

In 2023, there is a lot to look forward to, which is what we want to cover in this article today. We do want to alert you to our podcast for this blog post, which you can find here. With that said, we’ll have the following on our podcast and in our blog in the coming weeks/months:

1. Secure Act 2.0

The original Secure Act was passed in 2020, and it changed a lot of rules, such as when you must begin taking your required minimum distributions (RMDs). Just as we started to get comfortable with the original Secure Act, Congress passed the Secure Act 2.0 on December 29, 2022.

RMDs are changing in a significant manner, and the age is changing from 72 to 73 or 75, depending on a few factors, which we’ll discuss more in the future.

A few other things have changed:

• RMD penalties have gone down
• Catch-up contributions have changed
• Much more

The Secure Act 2.0 is something like a 4,000-page document, so this is a future episode that you will certainly want to watch if you’re nearing retirement or hitting 72 and want to know more about your RMDs.

Note: RMDs are required for any of the tax-deferred accounts that you have. Essentially, the IRS allowed you not to pay taxes on these accounts, but they want you to begin withdrawing from them so that you do pay taxes on them.

2. Who Needs a Trust?

In this future episode, we’ll be sitting down with Andres from Trusts & Will. We had Andres on our show in the past, and we’re going to sit down with him again to discuss trusts. Our clients who work with us receive free estate planning because we want everyone to have:

• Trust
• Will
• Power of attorney
• Healthcare power of attorney
• HIPAA

We’ve had a lot of questions about the need for a trust this past year, and Andres will explain:

• Who needs a trust
• Types of trusts

Andres will walk us through all of these concepts so that you can decide whether a trust is a good option for you. 

3. Social Security Strategies

Social Security should be on the minds of anyone who is thinking about retirement, and a few strategies we plan to cover are:

• What is the best age to take Social Security? This was one of our most popular YouTube videos, with nearly 300,000 views. We will revisit this in greater detail and with some of the changes that have happened since.
• An interview with Heather, a consultant that we’ve hired who knows the ins and outs of Social Security. She was on our podcast in the past, and she wants to talk to you about new strategies you should be thinking about for your Social Security.
• IRMAA contributions are your Medicare surcharges, and these go hand in hand with Social Security. We will explain what IRMAA is, how this premium on your Medicare works and how these figures have changed, too.

4. Tax Planning Updates for 2023

In 2023, a lot of the contribution and tax planning numbers have changed. This episode will lay everything out for you so that you can understand how much you can contribute to:

• Traditional retirement accounts
• Roth retirement accounts
• 401(k) contributions
• New rules for employers who want to contribute to Roth accounts
• Roth conversions

We are likely to have a multi-level conversation around tax planning updates in 2023. This episode will also discuss taxes in great detail so that you have a firm understanding of your projected obligations in 2023.

5. Quarterly Update with Andrew Opdyke

Andrew is on our show often because he has invaluable information that can help you secure your retirement. He will be with us to share a quarterly update, where he will discuss:

• The economy
• Future of investments
• Market in 2023
• Inflation and recession risks

Andrew works for First Trust Economics and is an Economist. As one of the best forecasting companies in the United States, Andrew has insights into the road ahead for the economy that very few people can provide.

In fact, he is such an asset to our show and clients that we plan to have him on every quarter when possible.

He’ll be on around April 1st.

We hope that this roadmap will provide you with some insight into what we have in store for you in 2023.

Click here to watch our FREE course: 4 Steps To Secure Your Retirement.