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Secure Act 2.0 Deep Dive | Sean Mullaney | Ep 421

In this episode: taxes, the Secure Act 2.0, the best news, Roths, 529’s, catch-up contributions, and the new options you have.

On December 29th, 2022, Joe Biden signed the Secure 2.0 Act into law. As this law may have ramifications on your retirement tax planning, to stay ahead of the curve we decided to have The FI Tax Guy Sean Mullaney back on the show to discuss what this law is and ways one may be able to approach and utilize it going forward with there retirement planning. While laws and regulations may change, staying prepared and aware can keep us worry-free as we prepare for the tail end of our FI journey!

The discussion is intended for general educational purposes and is not tax, legal, or investment advice for any individual.

Sean Mulaney:

Timestamps:

  • 1:25 – Introduction
  • 2:55 – The Most Important Change and The Best News
  • 14:19 – More Roth Options
  • 27:05 – The Backdoor Roths And Catch-Up Contributions
  • 31:46 – New Options For 529’s
  • 42:27 – Conclusion

Resources Mentioned In Today’s Episode:

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At least once in most of our FI journeys, we have pondered what our life would look like if we started earlier. Maybe you have even wondered what value could’ve been gained if you had started in your teenage years. Well, for some context into the possibilities decision that could provide, we decided to have 17 year old listener Devin on the podcast to discuss what life can look like when you go against the cultural norm of going to college, and instead opting for an entrepreneurial and FI friendly lifestyle. Oftentimes we mention that there are rewards that come with stepping out of your comfort zone, and the same can be said for going against the societal norm and carving out your own path! For our younger audience who may be interested in getting started with their FI journey, let this episode be a useful resource and reassurance that this journey can begin no matter your age!

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