I hope your 2023 is off to a great start! After some downtime with the family in Mount Shasta over the holidays, I’m rejuvenated and excited for the year ahead.
As mentioned in our December newsletter, there are a few key items that are changing this year including adjustments to 401(k) contribution limits, Social Security benefits, and Medicare premiums. I’m discussing these and more during our client meetings to help ensure we are maximizing your opportunities – always with the intent of helping you achieve your unique financial goals.
Yours truly,
Secure 2.0 Act Brings Big Changes to Retirement Savings
The Secure 2.0 Act proposes provisions that may help workers save for retirement. Policy changes include:
Employers could automatically enroll workers (unless they opt out) in an emergency savings account, up to $2,500, to which they would contribute money that is already taxed.
Instead of being required to work three consecutive years to qualify for their companies’ 401(k) plans, part-time workers would need to work 500-999 hours for two consecutive years to be eligible.
Student loan payments would count as retirement contributions and qualify for employer matching contributions.
Workers earning less than $71,000/year would get a matching contribution from the government when saving through workplace retirement plans.
Employers would be required to automatically enroll employees in 401(k) and 403(b) plans starting in 2025, automatically increasing contributions by 1% each year until they reach at least 10%.
The catch up contribution limit for those age 50 and older would increase to $10,000 in 2025.
Certus Wealth Management will continue to monitor and communicate additional details as they become available.
Have You Accessed the Orion Platform?
Tax statements will soon be available on the Orion platform, which you can find on the Client Login page of our website. Once logged in, navigate to the Document Vault. If you haven’t yet logged in, contact us to obtain your login credentials.
Download Our Step-by-Step Process
The Certus Wealth Management journey is built to help clients achieve their financial goals in a strategic, streamlined way. Know someone who may be interested?
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Certus Wealth Management, 1025 Alameda de las Pulgas, Ste. 102, Belmont, CA 94002, (650) 232-2023
