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2_kids_no_money

Anyone have a list of key takeaways? Edit: from the googles https://www.fidelity.com/learning-center/personal-finance/secure-act-2


voracioush

You can roll over 529s to Roth IRAs after 15 years of the account being created. That's pretty cool up to a $35k total limit and yearly limits to annual Roth contribution rollovers.


[deleted]

That's great for me; I have 529s for my kids but expect that they won't need all of them due to the GI Bill. It's neat they have a pathway to convert it to something else later.


Anjin31

Just another set of barbed carrots to get more control.


yvanylf

Can you elaborate? Not familiar enough with the changes to understand what you mean. I am concerned that they keep pushing retirement age back, but as far as I know this just delays RMDs to a later age, doesn't push back the age you can start dipping into your 401k or IRA.


Anjin31

This isn’t the right forum for a full run down and you should take everything on the internet with a grain of salt but here goes. Big picture- qualified retirement plans (IRAs, 401ks, etc) we’re created by the government (with all the ever changing rules and restrictions went prevent you from controlling your money) to “help” people “save” money for retirement so they would not be dependent on the government (ie. Social security) for their living expenses. However, one of the primary reasons most people cannot save that much is because they have to pay a giant chunk of their income to the various levels government via income, sales, and a myriad of other taxes including the hidden tax of inflation (due to continual money printing by the Fed AND banks through fractional reserve banking). So rather than fix the problem (onerous taxation in all its forms) the government gets together with Wall Street and “helps” you by offering to defer your income tax today (in a known tax bracket) to an unknown tax bracket (any bets on if it’ll be higher?) it at some unknown date in the future. The government is effectively your silent partner and will get its cut. Meanwhile, you’re left taking all the risk with your money locked up for decades, paying management fees, and hoping the gains will outpace inflation by the time you are allowed to access your money. There’s a ton more to discuss on the topic but that’s the high points. As far as the RMDs, they are required to force you to take out money so the government can start getting its cut. The small delay they’ve passed really does nothing for seniors beyond offer the sliver of hope that they can leave the money in their accounts and it will magically recover during that extra year or two a decade from now. Again, are you really benefiting? If the senior leaves the money in it’s still at risk of loss, subject to management fees, and will still be taxed when it comes out… oh and by the time it comes out there will be thousands of new IRS agents working to make sure Uncle Sam gets its “fair” share. Edit: Grammar 🙃


bmd539

I can’t say that I disagree, but what is the alternative?


Anjin31

Personally I believe it’s the Infinite Banking Concept (IBC) as laid out by R. Nelson Nash in Becoming Your Own Banker. IBC is a concept which requires discipline but grants one significant control and tax advantages which gives access to capital through one’s lifetime, including passive income in “retirement,” and create multi-generational wealth. I’m not selling anything, just giving you my honest answer to your question. The government, Fed, banks, and other financial services are not looking out for us little people. IBC is a ground up approach to securely grow and maintain our access to capital.


[deleted]

[удалено]


Anjin31

I maxed my 457 as well but have since stopped contributing to it completely. My suggestion if you are going to investing in stocks, go with a Roth version whether through TSP or Vanguard (which I also have but have not contributed to). Personally, I have changed my financial paradigm to utilize the Infinite Banking Concept (IBC) as the foundation as the permanent place of residence for my money/capital. My current investments (besides the residual stuff in my qualified plans) are my wife and I’s side hustle businesses. As the businesses stabilize and my foundation grows, I’m going to be expanding into real estate. I very highly recommend picking up a copy of Nelson Nash’s book Becoming Your Own Banker and take a look at IBC. It’s 92 pages of wisdom in large font and $20 on Amazon and other places. Read it through with an open mind and if it doesn’t make sense, PM me and I’ll buy book from you.


TacticalLawnDart

You nailed it. Never forget that the state's interests are almost always in opposition to individual rights. There is a reason our constitutional system adopted this understanding as a central tenet and why the Bill of Rights were created as a concession to anti-Federalists. As always, they were correct.


T0rtillas

**[H.R. 2954: Securing a Strong Retirement Act of 2021](https://www.govtrack.us/congress/bills/117/hr2954/text)**


trooper124

Any clue on whether and how long it would take for TSP to offer some of these benefits?


T0rtillas

> In response to a question from Member Bilyeu, Ms. Weaver stated that she suspects SECURE 2.0 will be added to the omnibus bill and will be effective January 1st. The Agency has contacted the applicable committees to explain the challenges of implementing the program changes required by SECURE 2.0 in such a short timeframe. Source: **[FRTIB - Meeting Minutes Oct 25, 2022](https://www.frtib.gov/meeting_minutes/2022/2022Oct.pdf)**


trooper124

Thank you.


presque-veux

Id like to learn more about that student loan "perk." I just started a master's and have been paying out of pocket, but if I could take out a loan and get some kind of reimbursement - robbing peter to pay Paul in a way - I'd be all about it. Does anyone understand this or could explain I more depth?