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"It" Lives to see another day; for now...

The party ain't over yet

You might recall David reminding clients about some of the savings strategies that could be coming to an end in 2022; that reminder is worth noting. Why you might ask, the bill didn't pass. That's true. In fact, the Build Back Better package would have crippled the ability of our clients to continue with some of our Roth savings strategies.

As a reminder, we never give tax advice and wouldn't pretend to be experts with the tax code. There's too much to know about investments, strategy, research, planning, and keeping up to date with all the rules and regs in our industry. Trying to commit to both is a step beyond insane. Anyone stating they can do both efficiently and be at the top of their game for all things investment and tax planning and prep is lying to themselves.

So, as it stands, the Democrats' package of climate and social investments is off the table. It would have ended what some reference as the "backdoor" or "mega backdoor" Roth savings strategies. That would have gone into effect starting next year. Senator Manchin has said on numerous accounts that he cannot support the proposed legislation in its current form.

If you want to know more about how you can save in a tax-free account that you'll have access to in retirement, schedule a meeting to learn more. Remember, most of the accounts you're saving in right now will be taxed at some point; usually when you take money out. Some could even face IRS penalties depending on when and what you use the money for. We always recommend involving a good CPA or accountant to help consider all aspects of your plan to include the big elephant in the room - taxes!

Familiar with it or not we're at the tail end of the year to be considering IRA, 401k, and other savings contributions. Be ready, be knowledgeable and take action - now!

And that's only the beginning...Reach out and schedule a consultation to discuss your situation. We'll walk you through your options and help you make the right choice for your goals.

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