Spotlight: Edward Jones – David Samachson, CFP®, AAMS™

New law may offer financial opportunities

Outside events can affect your financial strategies. And that may be the case with the recent passage of legislation known as the SECURE 2.0 Act.

For example, in your 401(k) or similar plan, you can now take your employer’s contributions on a Roth basis. While these contributions will count as taxable income, they can eventually be withdrawn, along with any earnings they generate, tax free, provided you meet certain conditions.

Here’s another change: you now must start taking withdrawals from your traditional IRA and 401(k) at 73, instead of 72. In 2033, this age will increase to 75. These new age limits may give you more flexibility in planning your retirement income.

And if you’re a business owner, you can now get a startup tax credit covering 100% – up from 50% – of the administrative costs of opening a 401(k) plan, up to $5,000 for each of the first three years of the plan. The SECURE 2.0 Act contains many other elements, so you may want to consult with your tax and financial professionals to determine how you might be affected by the new law’s provisions – and how you could take advantage of them.

This content was provided by Edward Jones for use by David Samachson, CFP®, AAMS your Edward Jones financial advisor at 130 Almshouse Road, Suite 400 IN Richboro. For more information, please call our office at 267-988-4148. Member SIPC.

Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.

PHOTO CAP: Local Edward Jones financial advisor, David Samachson and Mac are ready to help you with all your financial needs.

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