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The SECURE 2.0 Act is now law. The legislation provides a slate of changes that could help strengthen the retirement system—and Americans' financial readiness for retirement. There is quite a bit to unpack in the legislation, but here are some key takeaways and what they mean for retirement savers in 2023:

RMD overhauls:
1. The RMD age has increased from 72 to 73 starting Jan 1, 2023. If you turn 73 in 2023 or later, that will be your RMD age. For those who turned 72 in 2022 or earlier, the RMD schedule will remain as is. Last, in 2033, the RMD age will be pushed back to age 75 (even though other legislation could come into play over the next decade).
1. The 50% penalty for not taking an RMD is being reduced to 25%. It is further reduced to 10% in IRA accounts if the missed RMD is corrected.
1. Roth employer retirement accounts will be exempt from RMDs.
Roth Employer Match: Employers will be able to provide employees the option of receiving vested matching contributions to Roth accounts (although it may take time for plan providers to offer this and for payroll systems to be updated). Previously, matching in employer-sponsored plans were made on a pre-tax basis. Contributions to a Roth retirement plan are made after-tax, after which earnings can grow tax-free. This is a huge win for savers, especially those who are younger or who have a lower than normal annual income.
QLACs: Qualified longevity annuity contracts (QLACs) are deferred income annuities purchased with retirement funds typically held in an IRA or 401(k) that begin payments on or before age 85. The premium limits increased from $145,000 to $200,000 starting Jan 1, 2023. The limitation that the QLAC only account for up to 25% of an individual’s retirement account balance has been eliminated.
Roth SIMPLE and SEP IRAs: Starting in 2023, employers will be allowed to create Roth accounts for SIMPLE and SEP IRAs. These accounts have historically only been available for pre-tax contributions.
Rollovers of 529 Plan balances to Roth IRAs: Beginning in 2024, based on provisions in the new law, you’re allowed to roll up to $35,000 of leftover funds in a 529 into a Roth IRA. Prior to 2024, 529 dollars were subject to a 10% penalty on any non-qualified withdraw. That is still the case, but the rollover to a Roth IRA will be an exception. The 529 must have been in effect for at least 15 years and the funds must go into an account owned by the same beneficiary.

There are more provisions included in the Secure 2.0 Act and many different timelines in which the changes will be implemented. A lot of these changes hinge on the ability for employers and 401k sponsors to update their systems to reflect these changes. It will be important for individuals to continuously monitor their financial plan over the next few years to consider what opportunities will be best to take advantage of.

Know Why: A purpose behind every task can make it more meaningful and easier to accomplish. Do you have a problem with overspending? Do you have a big savings goal in the future? Are you retired and on a fixed income? The “why” behind your budgeting endeavors can help get over the emotional and mental hurdle of sitting down to budget.
Test Different Methods: There are many ways to budget. From excel spreadsheets, to saving receipts and writing in a yellow pad, to using a tool like the “Cash Flow Analysis” on our eMoney website. All of these tools provide a level of automation and control that work differently for different people. There is no single correct way to budget. The goal should be to find a method that works and be ok with switching things up if you are not getting the results you would like.
Prioritize Needs and Wants: Needs come first in a budget. It is important to identify what these are and make sure there is ample room in the budget for them. Housing, groceries, utilities, taxes, childcare, and phone bills are good examples. When it comes to wants, prioritization is important. If your family values eating out over buying goods, ensure that is reflected in your monthly spending. If you enjoy fashion and travel and dining out does not do it for you, make sure that is reflected as well. With wants, it is not how much goes to each category, but rather, which categories are worth focusing on.
Automate, automate, automate: As much as possible automate this system. Especially when it comes to your monthly saving and monthly needs, automation can help make a budget more sustainable. Having your mortgage payment and retirement account automatically come out of your account/ paycheck allows for you to take care of needs now and in the future with no action on your part. The less action that is required every month on the important and recurring items, the more attention you can focus to the budgeting of variable wants every month, or something different than budgeting altogether.
Check In: This is an important step. This is not a weekly action, but perhaps every 3-6 months. What is going well with the budget? Is the system you chose working? Are you staying within the budget? Are fixed expenses like property taxes changing or has inflation increased what you need to allocate for groceries? All of these questions can be looked and minor adjustments can be made without throwing the entire budget out. Budgeting is an important step of managing your finances, but it is important to be flexible. Life changes, unforeseen events occur, expenses change and we need to be able to adapt and change to this.
Manage Cash Well: Part of budgeting is to forecast expenses and protect savings. Part of a savings plan is to have an emergency fund that equates to 3-6 months of expenses while working and up to 3-4 years of expenses in retirement. It is important to review where this cash is held as you always want your money working as hard as possible on your behalf. A typical checking account interest rate is about .1% today. High yield savings accounts, CDs, and money market funds all offer a competitive rate 3-4% today and allow your money to earn interest.

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As we enter into the holiday season, tax planning is usually the last thing on people’s minds. However, in the weeks leading up to Christmas, there are some little things you can do to maximize your planning and potentially decrease your tax liability.

Max out Employer Sponsored Retirement Plans. 401(k), 403(b) and TSP accounts (among others) share many similarities to Individual Retirement Accounts- IRAs. There are many differences though, a key one being that contributions can only be made by salary deferral during the calendar year. In 2022, the maximum employee contribution is $20,500. If you are still below this limit and would like to contribute more, make sure to increase your contributions quickly.
Consider a Roth Conversion. This is a long term move that transfers a Traditional IRA balance to a Roth IRA either all or in part. There is no penalty on this conversion, but ordinary income tax will be due as traditional IRAs are pre-tax accounts. Since 2022 has been a down market year, it can be advantageous to look at a conversion. A couple considerations are your tax bracket from ordinary income and if you within two years of beginning Medicare.
Tax Loss Harvest. This is a strategy that involves selling investments currently at a loss. Once sold, you can replace it with an investment with similar properties. You receive the full tax loss that can be counted against investment income for this year without ever divesting from the market. The loss can offset all investment income and $3,000 of additional loss can go to offset ordinary income. Any losses above the $3,000 can be carried over and used in subsequent years. A deliberate and well executed tax loss harvest could keep your money working, but lower tax liabilities for years to come.
Monitor your FSA and HSA balances. These accounts can both be used for healthcare expenses, but act very differently. FSA money must be used up by March of the following year or it is lost forever. The FSA contribution was pretax, but it is still prudent to ensure anything contributed the account is spent on doctors or dentist visits, health club memberships, prescriptions, supplements etc, so it is not lost. HSA contributions are also tax deductible, but this balance can grow in perpetuity and even be invested. At some point we will do a write up in the benefit of these amazing accounts, but for year end planning purposes, it is simply important to max out contributions. $3,650 for individuals and $7,300 for families.
Last is to bundle deductions. Charitable Giving, property taxes, education and healthcare expenditures are all expenses that are potentially deductible in the year they are incurred. Depending on your situation, writing a check that with a due date in Jan a month early could add a small amount of savings on your tax bill. This is all under the assumption that you are an itemized filer. If you have questions, it is prudent to connect with your tax advisor and financial planner to determine if these are applicable.

Most financial plans are built around parts of these happening regularly on their own. However, if taxes are a concern in the upcoming year, a few small checks can yield tax savings overall.

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Here are some friendly year-end reminders for the rules around charitable giving:

Charitable contributions are deductible for donors who itemize deductions when filing their annual tax returns.
2022 deduction limits for gifts to public charities, including donor-advised funds, are 30% of adjusted gross income (AGI) for contributions of non-cash assets, if the assets were held more than one year, and 60% of AGI for contributions of cash.
- Contribution amounts more than these deduction limits may be carried over up to five subsequent tax years.

There are many ways to give assets away and some are more favorable than others, depending on the situation.

Here are a few tips to consider:

Tip 1: Gift of appreciated assets rather than cash. One of the most effective strategies for giving with maximum charitable impact and minimizing taxes is to donate appreciated non-cash assets held longer than one year. Donors who use this strategy generally can eliminate the capital gains tax they would otherwise incur if they sold the assets first and donated the proceeds.
- The long-term capital gains tax is typically 15% or 20%, depending on the donor’s income level. Eliminating this tax can increase the amount available for charities by up to 20% and increase the amount saved on taxes.

Tip 2: Consider combining two years of giving into 2022 if that allows you to take more than the standard deduction then use the standard deduction in 2023.

Tip 3: Perhaps a Donor-Advised Fund (DAF) may be appropriate with this strategy. A DAF can receive both cash and non-cash assets, take the deduction in 2022 up to the AGI limits and then dole out the giving of said assets in 2023 and beyond.

Tip 4: Donate cash proceeds from the sale of a depreciated asset. Certain securities that are valued less than what you paid for it can be sold, tax-loss harvested against other capital gains (or against $3000 of ordinary income) and then claim a charitable deduction on the cash that was donated.

Tip 5: Satisfy an IRA Required Minimum Distribution (RMD) through a Qualified Charitable Distribution (QCD). Whether itemizing deductions or taking the standard deduction, individuals age 70½ and older can direct up to $100,000 per year from their traditional IRAs to operating charities through QCDs. The QCD can be used to satisfy all or part of the donor’s RMD for 2022 and is not considered taxable income for the donor.

If you or a family member are considering a charitable contribution and would like an objective take on your plan, please let our team know.

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RMD overhauls:
1. The RMD age has increased from 72 to 73 starting Jan 1, 2023. If you turn 73 in 2023 or later, that will be your RMD age. For those who turned 72 in 2022 or earlier, the RMD schedule will remain as is. Last, in 2033, the RMD age will be pushed back to age 75 (even though other legislation could come into play over the next decade).
1. The 50% penalty for not taking an RMD is being reduced to 25%. It is further reduced to 10% in IRA accounts if the missed RMD is corrected.
1. Roth employer retirement accounts will be exempt from RMDs.
Roth Employer Match: Employers will be able to provide employees the option of receiving vested matching contributions to Roth accounts (although it may take time for plan providers to offer this and for payroll systems to be updated). Previously, matching in employer-sponsored plans were made on a pre-tax basis. Contributions to a Roth retirement plan are made after-tax, after which earnings can grow tax-free. This is a huge win for savers, especially those who are younger or who have a lower than normal annual income.
QLACs: Qualified longevity annuity contracts (QLACs) are deferred income annuities purchased with retirement funds typically held in an IRA or 401(k) that begin payments on or before age 85. The premium limits increased from $145,000 to $200,000 starting Jan 1, 2023. The limitation that the QLAC only account for up to 25% of an individual’s retirement account balance has been eliminated.
Roth SIMPLE and SEP IRAs: Starting in 2023, employers will be allowed to create Roth accounts for SIMPLE and SEP IRAs. These accounts have historically only been available for pre-tax contributions.
Rollovers of 529 Plan balances to Roth IRAs: Beginning in 2024, based on provisions in the new law, you’re allowed to roll up to $35,000 of leftover funds in a 529 into a Roth IRA. Prior to 2024, 529 dollars were subject to a 10% penalty on any non-qualified withdraw. That is still the case, but the rollover to a Roth IRA will be an exception. The 529 must have been in effect for at least 15 years and the funds must go into an account owned by the same beneficiary.

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03/03/2023