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JANUARY 2023 Newsletter: SECURE Act 2.0 Passed In Final Days Of 2022

January 06, 2023

Happy New Year!

Congress spent the final days of 2022 on new reforms designed to help Americans save more for retirement.

You may hear the changes called SECURE Act 2.0, which is a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act enacted into law in late 2019.1

SECURE 2.0 contains dozens of provisions, but one key change is critical to understand. Starting January 1, 2023, the age at which owners of retirement accounts must begin taking required minimum distributions (RMDs) increases to 73 years of age. And starting in 2033, RMDs may begin at age 75.2

If you have already turned 72, you must continue taking distributions. But if you are turning 73 this year, we may want to revisit your approach.

SECURE 2.0 was tucked in the $1.7 trillion federal spending bill, so as more people become familiar with the legislation, expect more details to emerge. In the meantime, reading LPL's Top 10 Provisions in Secure 2.0 is a good place to start. If you have any questions, please don’t hesitate to call.2

1., December 23, 2022
2., December 23, 2022

  • LPL recently expanded their Advisory Account Billing System to include the option for "tiered billing". This feature allows for an automatic decrease in the percentage you pay in advisory fees as your household advisory assets increase. So, the more you invest and / or the more your accounts appreciate, the less in fees you will pay on a percentage basis. If you believe this service might benefit you, please contact your Advisor for more information.

  • The 2022/23 tax season is upon us. In mid-January we intend to forward a special email specific to this year's tax season. This email will include information regarding various delivery options for your tax documents, when your tax documents may be available, and answers to additional year-end tax-related questions. Please be on the watch for this important communication.

  • The Social Security Administration has announced its cost-of-living adjustment (COLA) for 2023, with benefits for
    approximately 70 million Americans increasing by 8.7 percent. Please visit for more information.

  • LPL Research takes a look ahead. With an overview of the economy, bonds, inflation, stocks, policy, geopolitics, commodities, and currencies, Outlook 2023: Finding Balance is LPL Research's guide to how our everchanging economy and markets may impact you in the coming year.

  • There are several investor "Account View" self-service features that are newly available. Once logged into your Account View profile, you can now:
  • Transfer money via ACH deposits. If you have previously established bank information (ACH instructions) for a particular account, then you are already setup to enter transfers in Account View. Please click the "Transfer Money" tab at the bottom left of the Account View home screen. However, if you would like to add, edit, or remove a connection to an external bank account, please contact your Advisor for assistance. 

  • Deposit checks with your mobile device. You can now deposit checks directly into your LPL non-retirement account via the Account View 2.0 mobile app. This new convenient mobile check deposit feature is secure and the funds are available quickly. The mobile app is available 24/7, so you can make a deposit any time of the day. Please see Account View Investor Mobile Check Deposit FAQ's for more information. 

  • Grant access to authorized user(s), such as family members or your accountant, and allow those trusted individuals to view and/or download financial information from your Account View profile. Click your name in the upper right hand corner, Select "Preferences"from the drop down, click on the "Relationships" tab, then click "Manage Additional Users".

Keep Well-Organized Records Until Period of Limitations Expire

Well-organized recordkeeping makes it easier to prepare your tax return and provide evidence of tax deductions. According to the IRS, you must keep records, such as receipts, canceled checks, and other documents that support an item of income, a deduction, or a credit appearing on a return as long as they may become material in the administration of any provision of the Internal Revenue Code. Depending on the assessment, these periods of limitation can range from 3 years to no limit.

There are also periods of limitations for refund claims, which range from 2 years to 7 years. The IRS recommends keeping records of property records, healthcare insurance, and business income and expenses, among other categories.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from

Name the three English-language three-letter words that begin and end with the letter E. 


Last month's riddle: Two in every corner, one in every room, none in a house. What is it?
Riddle answer: The letter "R"