President Biden signed the Secure Act 2.0 after passage by both the House and Senate. That long-discussed package of changes to retirement savings rules aims to make it easier for Americans to build retirement savings and less costly to withdraw those savings.
Big changes are likely coming for Americans' retirement savings. The changes, part of the Secure Act 2.0, were included in the sweeping end-of-year $1.7 trillion spending bill the Senate passed on Thursday. The package's future now rests in the hands of the House, which is expected to follow suit Friday. President Joe Biden is expected to sign the bill into law shortly after.
Financial advisors have a slew of new retirement and estate tax planning opportunities to capitalize on in 2023. Hit the ground running by communicating these ideas to your clients early in the year. Timing is everything, and that’s especially true when it comes to tax planning.
Funds held in individual retirement accounts are without question the best assets to give to charity. Since IRAs are loaded with taxes, why not help clients relieve that tax burden by using the IRA for charitable giving now? Show clients who regularly give to charity how to use their IRA for those gifts.