Episode 115: Changes To Retirement Planning

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Today’s Smart Money Question:

Recently, there was a COLA increase of 1.6% for Social Security benefits. Matt will give his thoughts on the long term benefit of having a COLA increase, even though the percentage may not seem impressive at first. We will also discuss why working past age 65 is not so uncommon anymore and the importance of mapping out a plan with how you would like to spend your time in retirement.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

Staying up to date on all the changes that affect retirement and estate planning can be a lot to keep track of. Good news is, on this episode of Smart Money Questions, Matt Hausman will go over all the recent changes and explain how it will affect you.

The recent COLA increase is often overlooked by many, Matt explains this small increase can have a big impact on Social Security over time. He then goes into detail on what needs to be considered when taking Social Security early and how the increase for the earnings threshold could factor into this decision.

Matt breaks down the new SECURE ACT and how it will affect you and your estate. He reviews the increased contribution limits for qualified retirement accounts, the increased age for Required Minimum Distributions and the elimination of the Stretch IRA. Now that the Stretch IRA will become a thing of the past for most people, the 10 year rule now is being implemented. This new rule could have big tax implications for those who are passing down qualified retirement accounts to their estate.

Retiring at the age of 65 has been a common practice for many years now. However, many people are working past 65 for many reasons that extend their retirement date. Matt will break down these reasons then explain what an ideal retirement looks like according to his clients. For some people an ideal retirement means living abroad. This idea is very exciting and interesting but there are certain questions to be answered and professionals to consult before making the move.

That’s all part of today’s episode. Check it out and utilize the timestamps below to skip ahead to a specific topic in the show.

[2:57]– Learn how the COLA increase has a better long term benefit than you think.

[5:00]– Collecting Social Security early and how the increased income threshold could affect you.

[7:03]– The IRS changed the contribution limits to qualified retirement accounts.

[9:44]– The SECURE was passed and significant changes were made that will affect retirement planning.

[11:28]– The implementation of the 10 year rule so could create new tax obligations for those who are affected.

[14:54]– Find out why working past 65 is becoming more common.

[17:40]– What does an ideal retirement look like according to this client?

[20:40]– Matt explains what questions need to be answered before retiring abroad.

 

Resources:

Working Past 65 Article

Retiring Abroad Article 

 

 

Additional Podcast Episodes:

 

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