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136 – New Retirement and Tax Opportunities provided by the 2019 Secure Act

Do you want to get a jump on the new retirement and tax opportunities provided by the 2019 Secure Act? In this episode, Scott explains some of the critical features of this new act and how we can use what we learn to plan our retirement and finances better.

RETIREMENT PROVISIONS:

  1. Elimination of the stretch provision.
  2. Lifting the restriction on making contributions to a traditional Ira after age 70.5.
  3. Increase the time when you need to take RMDs from 70.5 to 72.
  4. Penalty-free $5000 out of IRA for Adoption or qualified birth.
  5. The use of life-income options, i.e. Annuity options in the 401(k) – BE CAREFUL.
  6. Tax credits for small businesses to set up 401(k)’s.

NON-RETIREMENT PROVISIONS

  1. Repeal of the kiddie tax laws from TCJA.
  2. Adjustments to the medical tax deduction. (back to 7.5% of AGI for 2019 and 2020)
  3. Expanded provisions in 529 plans.
  4. Series of tax extenders for mortgage insurance premium deduction.
  5. Higher education tuition and fees deduction.

About the author, Scott Wellens

Scott Wellens, CFP® is an investment advisor and founder of Fortress Planning Group. After earning his Bachelor of Science degree from the University of Wisconsin-Oshkosh, Scott quickly ascended to become a Vice President of North American Sales at a major regional provider of telecommunications infrastructure. While financially successful in this role, Scott searched for ways to pursue his passion related to financial literacy and providing financial freedom for both his own family and others. During his search, Scott became curious about the significant gap he found in the financial services sector: he was unable to find a comprehensive financial planner that maintained a family stewardship lens without being attached to financial products. Scott decided to fill that gap by creating his own planning firm that maintains a strong passion for comprehensive, unbiased wealth planning that is genuinely client-centered.

Scott resides in Menomonee Falls, WI with his family. He is the father of three active and independent daughters who keep him on his toes. Scott is an active community member, serving on the Hamilton Education Foundation Board, serves as a Dave Ramsey Financial Peace facilitator and leads the All Pro Dad’s group at their local elementary school. Scott enjoys spending his free time visiting state parks with his family, reading, and watching the Milwaukee Bucks and the Green Bay Packers win ball games.

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