36 CONNECT SPOT, Jordanne Rennner Art Reception, PROST
40 HOUSE 243 East Whittier Street
Listed by Regina Acosta Tobin
Outside events can affect your financial strategies. And that may be the case with the recent passage of legislation known as the SECURE 2.0 Act.
For example, in your 401(k) or similar plan, you can now take your employer’s contributions on a Roth basis. While these contributions will count as taxable income, they can eventually be withdrawn, along with any earnings they generate, tax free, provided you meet certain conditions. Here’s another change: You now must start taking withdrawals from your traditional IRA and 401(k) at 73, instead of 72. In 2033, this age will increase to 75. These new age limits may give you more flexibility in planning your retirement income.
And if you’re a business owner, you can now get a startup tax credit covering 100% up from 50% of the administrative costs of opening a 401(k) plan, up to $5,000 for each of the first three years of the plan. The SECURE 2.0 Act contains many other elements, so you may want to consult with your tax and financial professionals to determine how you might be affected by the new law’s provisions and how you could take advantage of them.
This content was provided by Edward Jones for use by Matthew Besier, your Edward Jones financial advisor at 179 East Beck Street.
ADMISSIONS is next up at Eclipse Theatre Company May 12 - 21, 2023. This provocative drama won the 2018 Outer Critics Circle Award for Outstanding New Off-Broadway Play and the 2018 Drama Desk Award for Best Play. Sherri Rosen-Mason is head of the admissions department at a New England prep school fighting to diversify the student body. Alongside her husband, the school’s headmaster, they’ve largely succeeded in bringing a stodgy institution into the twenty-first century. But when their only son sets his sights on an Ivy League university, personal ambition collides with progressive values, with convulsive results. A no-holds-barred look at privilege, power, and the perils of hypocrisy. *Admissions contains mature content and language. Tickets are available now at www.eclipsecolumbus.com
