The recent failure of Silicon Valley Bank and Signature Bank has raised many questions about the banking industry as well as individual accounts at Fairhaven Financial Advisory Corporation. Given these events, we thought it was appropriate to give clarity about your account(s) held at Charles Schwab.
By now, most are aware the SECURE Act created a new class of beneficiaries called "eligible designated beneficiaries" (EDBs). This group includes surviving spouses, minor children of the of the account owner (until age 21), disabled individuals, chronically ill individuals, and people who are not more than 10 years younger than the IRA owner. (Those older than the IRA owner also qualify).
SECURE 2.0 Act increased the starting age for RMDs, providing up to three extra years before some IRA owners need to begin. However, those who have already started RMDs before 2023 must continue.
On December 29, 2022, the SECURE 2.0 Act was signed into law. While "Son of SECURE" is not quite the game changer for IRAs that the original SECURE Act was, there are many new provisions. How will this legislation affect you and your retirement savings? Here are some highlights:
Happy New Year and welcome to 2023! We hope that you and your family had an enjoyable holiday season. We look forward to what this new year has to offer.
