Congress passes a major boost to retirement savings

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Your Money

In its final act of 2022, Congress approved the retirement package known as SECURE Act 2.0. The most notable provision in the new bill increases the age at which individuals must begin taking required minimum distributions (RMDs) from their retirement account to 73 from 72, starting January 1, 2023. In 2033, the RMD age will increase again to 75.

The bill also increases catch-up contributions for individuals ages 60 through 63, beginning in 2025. Individuals who qualify could contribute an additional 50% of the regular catch-up contribution limit, which kicks in at age 50. In addition, the individual retirement account (IRA) catch-up contribution limit would be indexed to inflation beginning in 2024. That means the current $1,000 cap on catch-up contributions would rise annually to keep up with inflation.

Unrelated to the new SECURE Act 2.0 but also changing for 2023 are the tax bracket levels and retirement plan contribution limits. You can download a quick guide HERE.

Congress Passes Major Boost to Retirement Savings
by Michael Townsend

Your Life

As our society gets busier and busier, the need for immediate satisfaction in everything, including eating, grows exponentially. Enter nutrition bars. These are quick snacks, meal replacements, or supplements that tout healthy nutrition and energy without the added time for meal preparation, waiting for ordered food, or cleaning up. In addition, they are healthy alternatives to high-sugar, high-fat snacks like donuts, chips, and candy bars. Nutrition bars can be high-carbohydrate bars, protein bars, energy bars, breakfast bars, brain--boosting bars, meal-replacement bars, diet bars, and women-only bars. However, does the hype really live up to its name? The bottom line is that nutrition bars are great for people who race nonstop from sunup to exhaustion, but choose wisely and keep fat, fiber, calories, and vitamins & minerals in mind. In addition, one study showed that out of 30 nutrition bars tested, 18 did not meet the claims on the ingredients list found on their labels. So, please be careful. Lastly, it would be best if you ate regular, well-balanced meals when you can.

Nutrition Bars: Healthy or Hype?
by Gary D. Vogin, MD

Complexity Simplified

Some fruits and vegetables need peeling. However, there are those in which the peels hold the tasty and nutritional parts and do not need to be peeled. It’s not just a matter of being lazy. Fruits and vegetables are rich in fiber, vitamins, minerals, and antioxidants. Consuming the peel and the pulp can boost your total intake of these nutrients. Of course, removing peels that are inedible, hard to digest, difficult to clean, or have tough exteriors is best. Remember, too, that some fruits and vegetables may have been treated with pesticides, so it’s always best to wash them before consuming them. Lastly, chefs peel or don’t peel for the sake of presentation. At restaurants, you can generally eat everything placed on your plate—whether for garnish or not.

Should You Peel Your Fruits and Vegetables?
source: Healthline

Trivia

A: Black
Q: How many red stripes are there on the American flag?

Back in 1958, this song reached #1