This week on Wise Money, Michael Andersen touches upon how the Secure Act 2.0 could bring some major legislative changes regarding retirement and why you may need a Wealth Advisor to help you unpack it. The biggest change impacting retirees could be the required minimum distribution age… and how it can higher your tax bill or push you into a higher tax bracket. You could be forced to take out a much larger sum of money and be paying taxes on those distributions. ROTH conversions could be the solution unless congress decides later to enact changes in policies.
Let’s assume we’re all going to live to be 120 years old… in the second portion of this episode, Michael Andersen covers how married couples can be prepared for whatever may come. Statistically, women continue to live longer than men. Often times the surviving spouse might be handling finances they’ve never done before. How do men and women approach retirement planning? Men tend to be very concerned about taxes while women worry about the longevity and running out of money.