Indianapolis is home to the Indy 500 and it also houses the newest gem in Downtown Indy known as the Silo Auto Club. Indianapolis clients showed up in full force for the Wine & Wisdom on March 13th, so many that we even needed to bring in additional seating for our financial planning event.
Mike Reeves delivered a financial planning wisdom topic about the SECURE ACT and how that will affect those in or near retirement.
The Silo Auto club houses exotic cars in downtown Indianapolis, Indiana and served as an excellent backdrop for our Wine and Wisdom Indianapolis event. From a brand new 2020 Corvette to pace cars from the Indy 500 to beautiful Ferrari’s, the showroom of cars impressed all in attendance.
As dinner was served, we shared the latest happenings at SWD, little did we know this was the last time we would be able to see our clients at an event with COVID right around the corner.
The two big takeaways for our clients was that the Required Minimum Distribution age has changed from 70.5 years of age to 72. “Taxmageddon” has been delayed by 18 months for those in retirement, giving them a chance to convert another year or two before having to withdraw money from an IRA account.
The second change is to beneficiaries which could be a negative to heirs receiving the money. Before, those who inherited money from their parents or other loved ones could convert that money over the course of their lifetime, thus being able to spread out the tax burden over several decades. Now, the SECURE ACT has changed that to only allow children, grandchildren or other loved ones receiving the financial investments to covert the money over a 10-year period which will force a greater tax burden in a shorter period of time.
If you have questions for our financial services team in Indianapolis give us a call or send an email to Info@SWDgroup.com and we will be happy to address the financial planning question.
Thanks to everyone who came out and made this event such a success. Check out our next event, or view more photos below.