Planned Solutions SECURE ACT
On this episode of the Planned Solutions Incorporated Podcast, Despite the gridlock in Washington both houses of Congress have passed the SECURE Act and the President is expected to sign it into law. This new law will change a number of aspects of how Americans save for retirement and the taxation of some retirement accounts. This is a brief summary of some of the provisions of the bill which may impact retirement and tax planning strategies. And, Recent disruptions in the overnight lending market for financial institutions has caused the Federal Reserve to step in to provide access to short-term loans. This has caused the money supply to increase sharply which is considered by many to be a stealth way of providing economic stimulus. However, an increase in the money supply can also put upward pressure on the inflation rate. Also,One of the most significant changes under the SECURE Act is the elimination of the stretch IRA. This makes tax-deferred retirement accounts such as IRAs and 401ks a less attractive option for multi-generational wealth planning. However, it does increase the attractiveness of the Roth IRA in cases where the beneficiaries may be in a higher tax bracket than the IRA owner as the IRA owner may be able to pay the income taxes at their lower tax rate and leave the money to their beneficiary tax free. Plus a look at the Planned Solutions Incorporated Office Bulletin Board- Planned Solutions will soon be sending out our tax engagement letters and organizers in early January. If you have any questions about the engagement letter or tax organizer, please call or e-mail us. If you did not get a tax packet and would like Planned Solutions to prepare your 2019 income taxes, please let us know and we will get a packet out to you before filing season starts on February 1st. Chase is once again contributing to the Sacramento Business Review (SBR) January economic update event. The SBR is a collaboration between members of the Sacramento Chartered Financial Analysts (CFA) Society and the Sacramento State University School of Business. Financial Analysts and Sacramento State professors team up to tackle different aspects of the Sacramento region’s economy, including the labor market, real estate market, and small business sector among others. Chase is a member of the SBR labor market team which covers the Sacramento region’s job market. The updated publication will be available at www.sacbusinessreview.com. If you are interested in learning more about the Sacramento region’s economy, you may want to attend the SBR’s annual economic forecast scheduled for January 14, 2020 at Sacramento State University. To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail Katie@PlannedSolutions.com The Personal Finance Review is published and distributed on a biweekly basis by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action. Planned Solutions, Inc. ADDRESS: PHONE: 1130 Iron Point Road, Suite 170 (916) 361-0100 Folsom, CA 95630 (800) 750-2111 E-MAIL: FAX: Shannon@PlannedSolutions.com (916) 361-0191 WEB SITE: www.PlannedSolutions.com #finance #invest #investment #stocks #interestrate #bonds