Would you eat boiled buffalo testicles like they did on the old show Fear Factor? Or walk between two high-rises on a cable? Or allow tarantulas to be dumped on your face while strapped to a table? I’m guessing you’re not  interested in doing this for funsies, but you might be singing a different tune iif a million bucks is on the line. And that’s because incentives change everything. When the rules of the game have changed, we need to adjust our behavior accordingly. And at the end of last year the SECURE Act 2.0 was signed into law which effectively changed the rules on a lot of the different retirement accounts that we have access to. There are many provisions in this Act that changed the incentives for how, when, and where we invest for the future. Roth, 529, and self employed retirement accounts were all impacted and so today we discuss many of the changes, and talk about what you should do during today’s episode.

Additional links:

• Charity – Check out Daffy if you’re looking to set up a donor advised fund on the cheap.
• Money Gears – We referenced our 7 Money Gears during this episode. It’s important to know what your next financial moves should be before you take action!
• 529 accounts – With 529s looking more attractive these days, check out Backer.com if others are looking for an easy and direct way to contribute to your child’s 529.
• Roth – We spent a good amount of time discussing the implications of SECURE 2.0 on the different Roth accounts. If you’re not already investing in tax advantaged accounts, listen to why we think you should start with the beautiful Roth IRA.
  • Here’s a quick look at the differences between Roth and Traditional IRA’s (Pssst… Roth’s work out better for most folks in the long haul)
• SECURE 2.0 – And if you want to look for yourself, here’s a link to the Consolidated Appropriations Act of 2023 which contains the SECURE 2.0 Act (it starts on page 2,046). But you might find the Senate Finance Committee’s summary to be more helpful!

• Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cashback offer! Just toggle the sliders and you’ll know which card to consider.

• Newsletter – Don’t forget to sign up for the best personal finance newsletter in all the land! It’s completely free and something we create to help you along your journey to financial freedom. It drops every Tuesday morning and you can always unsubscribe if you don’t dig it!

During this episode we enjoyed an Imperial Strawberry White Ale by Cascade Moon! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

Best friends out!