What the Inflation Reduction Act Means for Planning

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Washington recently passed the Inflation Reduction Act, which on the surface appears to be aimed at solving the inflation problem. But there’s much more inside the bill, including a few different items that directly impacts financial planning. We’ll break down this new legislation on the podcast and highlight other laws that might be on the way.

Lawmakers pushed through the Inflation Reduction Act last week in Washington D.C. and the $370 billion piece of legislation will tackle a number of issues. The question, however, is how much it will actually offset the effects of inflation.

On this episode, we’ll take a close look at the IRA and break down the areas that might have the biggest impact on planning. You’ve probably read some of the headlines about 80,000+ new IRS agents, but what else do you need to know? One thing we’ll highlight on the show is the property tax freeze that impacts people in New Jersey.

That’s not the only legislation we’re keeping our eye on in Washington. The SECURE Act 2.0 Bill is being proposed and might become law in the near future. This one adds to its predecessor from a couple years ago and will also bring some key changes to RMDs and more.

Here’s some of what you’ll learn on this episode:

  • Don’s initial thoughts on the Inflation Reduction Act and how it impacts individuals. [5:10]
  • Why the SALT cap was being discussed a lot in New Jersey. [7:37]
  • What we need to know about the SECURE Act part 2. [10:21]
  • Required Minimum Distribution age pushing back even more? [15:37]
  • How to calculate RMDs from inherited IRAs and personal accounts. [19:16]

If you want to discuss your investing strategy or have someone give your portfolio a second opinion, please reach out and we’ll set up a time to talk.

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Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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