Tausi Insider

Photo : Prostock-studio ( Shutterstock ) As with any type of resolution, actions speak louder than words when it comes to achieving your financial goals. Making personal finance progress requires taking concrete steps, which can spell the difference between a vague “I want to save more!” and the more substantive “I am going to max out my Roth IRA this year.” Luckily, while there’s no way to automate your gym workouts, it’s far easier to set and forget your money-related resolutions . Here are some of the types of financial goals that you can automate, so you can set yourself up for monetary success in 2023. How to automate your financial goals Many finance-related goals can be at least partially automated, meaning a s long as you clearly identify what said goals are , they can become a guaranteed resolution win. You likely already have set up auto-payments for bills like your rent, utilities, insurance, and credit cards. But if you don’t already, you should also automate cont...

Photo : Colin Dewar ( Shutterstock ) SECURE 2.0 was signed into law at the end of 2022. Standing for “Setting Every Community Up for Retirement Enhancement,” the second version of this act is designed to keep building on improvements to the U.S. retirement system. Whether retirement is far off or fast approaching for you, here’s what to know about how SECURE 2.0 will impact your retirement planning. Changes to required minimum distributions Required minimum distributions (RMDs) are the IRS-mandated amount of money you must withdraw from your retirement account each year. SECURE 2.0 lessens the blow of RMDs in several ways. First off, the age to start taking RMDs increased to 73 in 2023 and will increase again to 75 in 2033. This gives savers an extra year for tax deferral (the previous age was 70.5 years old in 2022). Previously, failure to take your RMD before the deadline would result in a 50% penalty. Under SECURE 2.0, the penalty for failing to take an RMD decreased to 25% of...