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031: SECURE Act 2.0 for Retirees – What You Need to Know!
Episode 311st February 2023 • Retirement Equals Freedom • Josh Bretl
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Whether we’re talking about gall bladders or the SECURE Act 2.0, there’s really no such thing as over-sharing. Right? That’s why on this episode of Retirement Equals Freedom, Host Josh Bretl is diving deep into both topics! In addition to finding out how he’s faring post-surgery, we’re also getting a thorough debrief on the many (in some cases subtle) new SECURE Act provisions adopted by Congress at the end of 2022 – many of which may impact how we manage our retirement accounts and other savings vehicles.

You’ll learn about an adjustment to age limits for required minimum distributions (RMDs) and why tax strategy is key to maximizing assets in retirement. It’s all about being proactive, says Josh: “I like when my clients have control and there’s nothing raining over that could spoil what we believe could be the best part of their lives.”

There’s something for everyone as Co-Host Dave Schmidt takes us into the finer points of his all-time favorite video games and ponders a photo tribute to the gall bladder polyps Josh’s astute doctor sent packing.

In addition to learning all the latest and greatest information about SECURE Act 2.0, you’ll enjoy another round of #Dave Relates to Retirees (aka DR2R) and find out which podcasts our hosts are loving these days. And don’t forget to stay up on all the latest by signing up for the show’s weekly email at this link!

This episode was fueled by Cometeer Coffee, both iced and hot!

Click here to learn more about or listen to previous episodes of The Retirement Equals Freedom Podcast. And don’t miss out on the conversation over at our new private Facebook group, which you can find here.

Click here to explore the services that FSR Wealth Strategies offers and schedule a discovery call with one of the team’s CPAs. When it comes to living your best life, it’s never too early to get started!

Transcripts

Dave Schmidt:

Whether we're talking about gallbladders

Dave Schmidt:

or the Secure Act 2.0, there's really no such

Dave Schmidt:

thing as oversharing, right?

Dave Schmidt:

In addition to finding out how Josh's faring post-surgery,

Dave Schmidt:

we're also getting a thorough debrief on many,

Dave Schmidt:

new secure act provisions adopted at the end of 2022.

Josh Bretl:

To be quite honest, it doesn't have quite the

Josh Bretl:

sweeping changes that 1.0 had, but it is pretty massive still.

Josh Bretl:

So, here's the biggest change, SECURE Act 1.0,

Josh Bretl:

it changed the RMD age.

Josh Bretl:

It has been 70 and a half for years.

Josh Bretl:

And Secure Act 1.0, increased that to 72.

Josh Bretl:

Secure Act 2.0, effective 2023, raised that to 73.

Dave Schmidt:

You'll also learn why tax strategy is key to

Dave Schmidt:

maximizing assets in retirement.

Josh Bretl:

Because it's a forced income upon you,

Josh Bretl:

that means that more of your other assets could be taxed.

Josh Bretl:

That could raise your capital gains rate.

Josh Bretl:

It could change how much of your social security is taxed.

Josh Bretl:

It could put you in a higher tax bracket.

Josh Bretl:

This gives you more time to take advantage of tax

Josh Bretl:

bracket management, to utilizing the tax brackets.

Josh Bretl:

And another opportunity for you to take back some

Josh Bretl:

control away from Uncle Sam.

Dave Schmidt:

We want your retirement to be the

Dave Schmidt:

best part of your life.

Dave Schmidt:

In order for that to happen, you need to be proactive and

Dave Schmidt:

you need to own your retirement.

Josh Bretl:

I like when my clients have control.

Josh Bretl:

I like when there's nothing raining over them that could

Josh Bretl:

spoil what we believe could be the best part of their lives.

Dave Schmidt:

Own it, baby.

Josh Bretl:

Own it, baby.

Dave Schmidt:

This is The Retirement Equals

Dave Schmidt:

Freedom Podcast.

Dave Schmidt:

The host of the show, Josh Bretl, is the owner

Dave Schmidt:

of FSR Wealth Strategies.

Dave Schmidt:

For the last few decades, he's been helping fine folks

Dave Schmidt:

like you make retirement the best part of your life.

Dave Schmidt:

And me?

Dave Schmidt:

Hi there, I'm Dave.

Dave Schmidt:

Josh's longtime friend, co-host, and fan of

Dave Schmidt:

SpaghettiOs with Meatballs.

Dave Schmidt:

All right, my intro has gone on long enough.

Dave Schmidt:

Let me let you let me, end this introduction so we can

Dave Schmidt:

learn all about secure Act 2.0.

Dave Schmidt:

FSR Wealth Management is a registered investment advisor

Dave Schmidt:

located in Elmhurst, Illinois.

Dave Schmidt:

Information and opinions contained in this audio

Dave Schmidt:

have been arrived at by FSR Wealth advisors.

Dave Schmidt:

All information herein is for informational purposes

Dave Schmidt:

and should not be construed as investment advice.

Dave Schmidt:

It does not constitute an offer, a solicitation or recommendation

Dave Schmidt:

to purchase any security.

Dave Schmidt:

FSR is not providing legal, tax, accounting, or financial

Dave Schmidt:

planning advice in this audio.

Dave Schmidt:

These views are as of the date of this publication

Dave Schmidt:

and are subject to change.

Dave Schmidt:

Let me get into the beatbox.

Josh Bretl:

So Dave, last week.

Dave Schmidt:

Yeah.

Josh Bretl:

I had the pleasure of, oh, it's two

Josh Bretl:

weeks ago now, I think?

Josh Bretl:

When did I have my gallbladder ripped out?

Josh Bretl:

Two weeks ago.

Dave Schmidt:

Yeah.

Josh Bretl:

This was planned.

Josh Bretl:

I had it scheduled, I don't know, a month,

Josh Bretl:

month and a half out.

Josh Bretl:

And I wasn't having gallstones, but it needed to come

Josh Bretl:

out for medical reasons.

Josh Bretl:

And I never had surgery before.

Josh Bretl:

So, I was at Elmhurst Hospital.

Josh Bretl:

It went laparoscopically.

Josh Bretl:

I started at 9AM.

Josh Bretl:

I was home in bed, minus one organ, at 1PM that afternoon.

Dave Schmidt:

That's efficiency.

Josh Bretl:

It was amazing.

Josh Bretl:

they have you all anesthesiad out and everything, and they

Josh Bretl:

wheelchaired out, and I remember thinking, it's kind of weird

Josh Bretl:

to leave the hospital with less organs than you came in.

Dave Schmidt:

Now, how do you know that you left

Dave Schmidt:

with no less than one?

Dave Schmidt:

How do you know that?

Josh Bretl:

It's a good question.

Josh Bretl:

I have no idea.

Josh Bretl:

It's in my medical records.

Josh Bretl:

I got the hospital bill really fast, and

Josh Bretl:

that was kind of crazy.

Josh Bretl:

And I only got billed for one removal, so I

Josh Bretl:

guess that might be it.

Josh Bretl:

So, my kids, they know what a bladder is because it helps

Josh Bretl:

them pee, and we have kids who are at the age where,

Josh Bretl:

if there's some sort of joke about a bodily function,

Josh Bretl:

they're going to make it.

Josh Bretl:

They have no idea what a gallbladder is.

Josh Bretl:

So when I got home, A, they were surprised I could still pee.

Josh Bretl:

And B I'm also a human jungle gym, as you I'm

Josh Bretl:

sure are to Landon at home.

Josh Bretl:

And one of the few requirements I had afterwards was, don't

Josh Bretl:

lift anything more than eight pounds, and that means my

Josh Bretl:

children, without a doubt.

Josh Bretl:

And Alex was walking around telling everyone

Josh Bretl:

I had a bladder infection and it had to come out.

Josh Bretl:

So, it was kind of funny.

Dave Schmidt:

I mean, you have some bottles of wine that

Dave Schmidt:

weigh more than eight pounds.

Dave Schmidt:

I've seen your cellar.

Dave Schmidt:

So, how do you handle that situation?

Josh Bretl:

Well, one of the things you're not supposed to do

Josh Bretl:

very heavily after gallbladder surgery is drink alcohol.

Josh Bretl:

So, we've just not been having it.

Josh Bretl:

So, that works.

Dave Schmidt:

Well, Josh, we're all thrilled that

Dave Schmidt:

you're feeling better.

Dave Schmidt:

And look, I'm going to say it.

Dave Schmidt:

You lost some weight and you look great.

Josh Bretl:

I did.

Josh Bretl:

Actually, I think people are freaking out

Josh Bretl:

that I've lost weight.

Josh Bretl:

My parents have been in Florida since Christmas, and

Josh Bretl:

they came back this week and they're like, "Oh my God,

Josh Bretl:

you've lost so much weight."

Josh Bretl:

I think they're worried it was the surgery.

Josh Bretl:

I had actually lost a lot of weight before the

Josh Bretl:

surgery, actually trying.

Josh Bretl:

I just didn't look like it.

Josh Bretl:

Now they ripped an organ out and I've continued to lose

Josh Bretl:

weight, which is intentional.

Josh Bretl:

This isn't some sort of medical thing.

Dave Schmidt:

No, I just found it weird that my wife scheduled

Dave Schmidt:

me for a gallbladder surgery and I don't even need it removed.

Josh Bretl:

Oh, Carla.

Dave Schmidt:

Oh, Carla.

Dave Schmidt:

I have decided to stop making comments and references

Dave Schmidt:

to our new podcast table.

Dave Schmidt:

I'm doing it right now, but this is the last time,

Dave Schmidt:

because we are continuously disappointed by our vendor.

Dave Schmidt:

So, here we are.

Dave Schmidt:

Video, people, which is coming in 2023.

Josh Bretl:

Excited.

Dave Schmidt:

We're still at the same old, same

Dave Schmidt:

old boring table for now.

Josh Bretl:

So, one more fun thing.

Josh Bretl:

You and I just attended a baby shower.

Dave Schmidt:

We did.

Josh Bretl:

Yeah.

Josh Bretl:

So, Brian from my office, our office, his wife

Josh Bretl:

Anna is expecting their first on Valentine's Day.

Dave Schmidt:

Yep.

Josh Bretl:

It's all the little boy, they're having a

Josh Bretl:

baby boy, and all the books.

Josh Bretl:

And it kind of brings back the memories of the

Josh Bretl:

books we used to read.

Dave Schmidt:

Afterwards I messaged Carla and I said,

Dave Schmidt:

"We just had the baby shower," and I said, " Brian got a Baby

Dave Schmidt:

Brezza from Josh and his dad."

Dave Schmidt:

And I'm like, "That brings back so many memories."

Dave Schmidt:

And Carla and I, we can't remember what we had yesterday

Dave Schmidt:

for lunch or breakfast, but she remembers that the first time

Dave Schmidt:

our Baby Brezza broke down, I drove in a snowstorm to Buybuy

Dave Schmidt:

Baby to get a new one, because that's how desperate we were,

Dave Schmidt:

because that thing was awesome.

Dave Schmidt:

So then we started reminiscing and like, yeah, you miss those

Dave Schmidt:

days, but you kind of don't.

Josh Bretl:

There's very few random small appliances that

Josh Bretl:

I recommend, that I will be like, "You have to buy this.

Josh Bretl:

It's the best thing ever."

Josh Bretl:

One is a Pizza Pizzazz.

Dave Schmidt:

I was just going to say.

Josh Bretl:

One's a Pizza Pizzazz.

Josh Bretl:

It revolutionizes frozen pizza.

Josh Bretl:

And two is the Baby Brezza.

Josh Bretl:

If you're having a baby, this thing is unreal.

Josh Bretl:

And we had twins.

Josh Bretl:

It was literally a lifesaver.

Dave Schmidt:

Oh, without a doubt.

Dave Schmidt:

The Pizza Pizzazz did to pizza and other frozen

Dave Schmidt:

goods what the Mike Tyson Grill, what was it called?

Josh Bretl:

No, the George Foreman.

Dave Schmidt:

George Foreman Grill did to processed meats.

Dave Schmidt:

I mean, it's revolutionary.

Dave Schmidt:

By the way, we need to get one of those in the office, Josh.

Josh Bretl:

A Pizza Pizzazz or a George Foreman?

Dave Schmidt:

Yeah.

Dave Schmidt:

A Pizza Pizzazz.

Dave Schmidt:

50 bucks.

Josh Bretl:

Well, I actually have a Pizza Pizzazz

Josh Bretl:

dilemma a little bit.

Dave Schmidt:

Oh no.

Josh Bretl:

Yeah.

Josh Bretl:

People tuning in for Secure Act 2.0, because, when you

Josh Bretl:

wrote this out, and we're talking Pizza Pizzazz and

Josh Bretl:

babies and gallbladders.

Dave Schmidt:

Yep.

Dave Schmidt:

It all ties together nicely.

Josh Bretl:

We're going to wrap it together with

Josh Bretl:

one big bow at the end.

Josh Bretl:

But you know we're redoing our kitchen, and we have had our

Josh Bretl:

Pizza Pizzazz now for 20 years.

Josh Bretl:

We got it before we were even engaged, and we just celebrated

Josh Bretl:

our 18th wedding anniversary, so we've had it for about 20 years.

Josh Bretl:

It just broke.

Dave Schmidt:

No.

Josh Bretl:

It just broke.

Josh Bretl:

Just, the motor wasn't turning on it anymore.

Josh Bretl:

I mean, we use this thing all the freaking time.

Josh Bretl:

I mean, it was an integral part to our lives.

Josh Bretl:

And we're good cooks.

Josh Bretl:

This was an integral part to our life.

Josh Bretl:

And now the question comes, as we put our new kitchen

Josh Bretl:

back together, do we include the Pizza Pizzazz?

Dave Schmidt:

Here's my advice.

Dave Schmidt:

And Missy, you're not going to listen to this,

Dave Schmidt:

but Josh can tell you.

Dave Schmidt:

It's either a Pizza Pizzazz or a pizza stone

Dave Schmidt:

oven in your backyard.

Dave Schmidt:

It has to be one of the two.

Dave Schmidt:

Whatever you go for.

Josh Bretl:

I got a story for that one too, came up this

Josh Bretl:

weekend, but I don't know if we have time for that right now.

Dave Schmidt:

Maybe episode 32.

Josh Bretl:

Yeah all right.

Dave Schmidt:

Are you surprised that I've heard nothing about

Dave Schmidt:

Secure Act 2.0 being passed?

Dave Schmidt:

I'm being somewhat facetious here.

Dave Schmidt:

Because it seems pretty important, but yet no

Dave Schmidt:

one's talking about it.

Josh Bretl:

Well, it's pretty important, but you also

Josh Bretl:

just read Tim Burton news.

Dave Schmidt:

Yeah, that's true.

Josh Bretl:

There's not a lot of news that you

Josh Bretl:

watch that I think will be relevant to Secure Act 2.0.

Dave Schmidt:

I don't like the kid, but he's got a point.

Josh Bretl:

I mean, I like you when you have a point,

Josh Bretl:

because Secure Act 1.0 got a ton of press and 2.0 did not.

Josh Bretl:

It did not get as much of a press.

Josh Bretl:

And to be quite honest, it doesn't have quite the sweeping

Josh Bretl:

changes that 1.0 had, but it is pretty massive still.

Josh Bretl:

It's quite the bill.

Dave Schmidt:

Now, to be fair, it was passed right before

Dave Schmidt:

Christmas, or a few days before.

Josh Bretl:

Yeah, I think we've been talking about

Josh Bretl:

it for so long that people are just tired of it.

Josh Bretl:

December 29th, it was actually right before New Year's.

Dave Schmidt:

Oh, okay.

Josh Bretl:

So, I mean, this is brand new.

Josh Bretl:

And we're still digesting a little bit, but

Josh Bretl:

there's a lot in there.

Dave Schmidt:

And just to recap, we did an episode,

Dave Schmidt:

it was podcast episode 21, where we talked about

Dave Schmidt:

the first Secure Act.

Dave Schmidt:

So, recommend you go back and listen to that

Dave Schmidt:

and then come back here.

Josh Bretl:

Now, that was back in September.

Josh Bretl:

And I only know that because Erin put notes in here for us.

Josh Bretl:

When I read this, and I'm going to apply the Secure Act

Josh Bretl:

2.0 to retirees for the most part, and what does it mean to

Josh Bretl:

them, and how does it impact them and their retirement?

Josh Bretl:

And where we can, we'll make some suggestions.

Josh Bretl:

But like every good educational topic, please

Josh Bretl:

make sure you talk to someone who knows your situation.

Josh Bretl:

If you have questions about it, don't wait.

Josh Bretl:

I mean, this can make a major impact and it can

Josh Bretl:

have some benefits too.

Josh Bretl:

So, as we talk to all of our clients, it's kind

Josh Bretl:

of fun to see how we can incorporate these different

Josh Bretl:

things into their lives.

Dave Schmidt:

Should they email me with questions?

Josh Bretl:

Oh yeah, without a doubt.

Josh Bretl:

Yeah.

Josh Bretl:

Do not email Dave financial questions.

Josh Bretl:

Secure Act 2.0, December 29th.

Josh Bretl:

And a lot of it expands upon the original Secure

Josh Bretl:

Act 1.0, and Secure Act 1.0 is a pretty big difference.

Josh Bretl:

So, here's the biggest change, and we're going to spend the

Josh Bretl:

most time talking about this.

Josh Bretl:

But Secure Act 1.0, so, the original Secure Act, I mean,

Josh Bretl:

the OG, it changed the RMD age.

Josh Bretl:

So, let's take a step back and talk about RMDs.

Josh Bretl:

RMDs stands for required minimum distributions.

Josh Bretl:

That is the age at which the IRS requires you to start

Josh Bretl:

taking money out of your 401ks and IRAs, and they do that so

Josh Bretl:

they can collect taxes on it.

Josh Bretl:

It has been 70 and a half for years.

Josh Bretl:

Decades and decades it's been 70 and a half.

Josh Bretl:

And Secure Act 1.0, the increased that to 72.

Josh Bretl:

Secure Act 2.0, effective 2023, raised that to 73.

Josh Bretl:

So, for people who were turning 72 in 2023, you

Josh Bretl:

get a year reprieve.

Dave Schmidt:

And not four people, F-O-U-R.

Dave Schmidt:

For all you people that turn 73.

Dave Schmidt:

I just had to make the distinction.

Josh Bretl:

I'm going to guess there's more than four,

Josh Bretl:

F-O-U-R people, that are going to turn 73 this year.

Dave Schmidt:

I'm just clarifying.

Dave Schmidt:

You never know.

Josh Bretl:

But thank you for the clar-

Dave Schmidt:

Sure

Josh Bretl:

Email Dave your financial questions., He'll

Josh Bretl:

clarify it just like that.

Josh Bretl:

But if you turn 72 in 2023, you do not have to take an RMD.

Josh Bretl:

All right?

Josh Bretl:

You do not have to take it.

Josh Bretl:

Now, if you turned 72 on December 31st of 2022, you

Josh Bretl:

still have to take your RMD.

Josh Bretl:

So, that's the rule there.

Josh Bretl:

And that makes sense to you, because you will

Josh Bretl:

be 73 in 2023 anyways.

Josh Bretl:

But that goes in 2024 now.

Josh Bretl:

Anyone who turns 73 will be taking their RMD at age 73.

Josh Bretl:

Now, they went one step further and 10 years from now, I mean,

Josh Bretl:

they made a law that changes an age 10 years from now.

Josh Bretl:

But 10 years from now, the age goes up to 75.

Josh Bretl:

To me, that's kind of funny.

Josh Bretl:

Do you think that's going to stick?

Josh Bretl:

Do you think 10 years from now, people are going

Josh Bretl:

to be like, "Surprise."

Josh Bretl:

Like, "Oh, we forgot this age changed."

Josh Bretl:

So, what do you do about this?

Josh Bretl:

How do you take advantage of this?

Josh Bretl:

And, Dave you know my big thing on control.

Josh Bretl:

I always tell people you want to have control of your situation.

Josh Bretl:

You want to control your future.

Josh Bretl:

And in fact, our entire retirement planning process,

Josh Bretl:

we call it your own your retirement planning process,

Josh Bretl:

so that you can take control and own your own retirement.

Josh Bretl:

And one of the things that is your biggest risk is taxes.

Dave Schmidt:

I mean, the obligatory...

Alex:

Hashtag tax nerd.

Josh Bretl:

Thanks Al.

Josh Bretl:

But And the government does have a lot of control over you.

Josh Bretl:

So, these RMDs are one of those.

Josh Bretl:

They will force you to start taking money out.

Josh Bretl:

So what does that mean?

Josh Bretl:

Well, because it's a forced income upon you, that means

Josh Bretl:

that more of your other assets could be taxed.

Josh Bretl:

That could raise your capital gains rate.

Josh Bretl:

It could change how much of your social security is taxed.

Josh Bretl:

It could put you in a higher tax bracket.

Josh Bretl:

There's all sorts of things that could occur.

Josh Bretl:

So, what this does is gives you more time to plan.

Josh Bretl:

This gives you more time to take advantage of tax

Josh Bretl:

bracket management, to utilizing the tax brackets.

Josh Bretl:

And this age is another opportunity for you to

Josh Bretl:

take back some control away from Uncle Sam.

Dave Schmidt:

And earn an extra year of interest, right?

Josh Bretl:

You know what, Dave?

Josh Bretl:

That is actually a common misconception and it

Josh Bretl:

doesn't really do that.

Josh Bretl:

The biggest thing it does is it saves you one year of tax on an

Josh Bretl:

RMD, if all else being equal, if you don't plan for anything.

Josh Bretl:

So, the RMD age change is really big.

Josh Bretl:

And what they didn't do here, what I expected them to do,

Josh Bretl:

was change the stretch rule again, but that did not happen.

Josh Bretl:

So, that was kind of a good thing.

Josh Bretl:

So, this was kind of something that Congress

Josh Bretl:

actually helped you with.

Josh Bretl:

This is a good change for most retirees.

Dave Schmidt:

Have you come across these changes

Dave Schmidt:

recently with your clients?

Dave Schmidt:

Have you started planning for these changes already?

Josh Bretl:

We've been talking about them.

Josh Bretl:

I mean, we're recording this in the third week of January,

Josh Bretl:

so we haven't had a lot of chance to implement it.

Josh Bretl:

But we have a client, they are 10 days apart in age.

Josh Bretl:

Her husband turned 72 on December 28th, and she

Josh Bretl:

turned 72 10 days later.

Josh Bretl:

Now, he has to take his RMD, she does not.

Josh Bretl:

And she's on top of this and she emailed us right away

Josh Bretl:

and said, "Does this mean I don't have to take it?"

Josh Bretl:

And we said, "Yeah."

Josh Bretl:

Actually, it did change our planning for her because if

Josh Bretl:

you have to take an RMD, you want to plan that into cash

Josh Bretl:

flow and do all that stuff.

Josh Bretl:

So, it was really interesting.

Josh Bretl:

It was kind of fun to get that.

Josh Bretl:

But no, we are actively starting this already.

Josh Bretl:

And most of the plans that we do, the own

Josh Bretl:

your retirement planning process takes taxes into

Josh Bretl:

consideration heavily anyways.

Josh Bretl:

And what this does is this actually gives us a little bit

Josh Bretl:

more control, which is fun.

Dave Schmidt:

And you love control.

Dave Schmidt:

You just said it.

Josh Bretl:

I don't love my, actually, I do.

Josh Bretl:

I'm a control freak.

Josh Bretl:

But I like when my clients have control.

Josh Bretl:

I like when when there's nothing raining over them that could

Josh Bretl:

spoil what we believe could be the best part of their lives.

Dave Schmidt:

Own it, baby.

Josh Bretl:

Own it, baby.

Josh Bretl:

Now, some other changes that occur, and I'm going

Josh Bretl:

to stick with the RMD front.

Josh Bretl:

This is minor, but if you did not take your RMDs, the penalty

Josh Bretl:

for not taking it used to be 50% of the RMD plus the tax.

Dave Schmidt:

So if your RMD was five grand.

Josh Bretl:

Let's use a bigger number.

Josh Bretl:

A hundred grand.

Dave Schmidt:

Is that even a thing?

Josh Bretl:

Oh yeah.

Josh Bretl:

We have clients with hundred grand RMDs all the time.

Dave Schmidt:

Whoa, okay.

Dave Schmidt:

Oh, they'd have a $50,000 penalty?

Josh Bretl:

$50,000 penalty for missing it.

Josh Bretl:

So, on 10 grand, it's a $5,000 penalty.

Josh Bretl:

Even that, that's not a small penalty.

Josh Bretl:

I mean, five thousand's a big deal.

Josh Bretl:

And 50 was the biggest penalty the IRS imposed.

Josh Bretl:

Now, what they've done is they've reduced it to 25, and

Josh Bretl:

if you actually fix it, they'll reduce it even farther to 10.

Josh Bretl:

Now, this looks like a good thing, but most people who don't

Josh Bretl:

take their RMDs just forget.

Josh Bretl:

And the IRS was actually fairly friendly with this.

Josh Bretl:

The first time, they would usually waive the

Josh Bretl:

penalty if you made it up.

Josh Bretl:

If you talked to them and said, "Oh, I'm so sorry, I

Josh Bretl:

won't do it again," they'll just say, "Don't do it again,"

Josh Bretl:

and they'll waive the penalty.

Josh Bretl:

But they've dropped it to 25 and they've actually put some

Josh Bretl:

caveats in how much they're going to reduce it even further

Josh Bretl:

if you actually do fix it.

Josh Bretl:

So, I think what's going to happen is they've

Josh Bretl:

lowered the penalty, but I think they're going to

Josh Bretl:

enforce it a lot more now.

Dave Schmidt:

Yeah, makes sense.

Dave Schmidt:

Get that 10%, right?

Josh Bretl:

Yeah.

Josh Bretl:

So, they're going to make sure they actually

Josh Bretl:

get your RMD there.

Josh Bretl:

This next one is also big for more pre-retirees,

Josh Bretl:

especially those that got my Illinois tax tip on the

Josh Bretl:

401k contribution podcast.

Dave Schmidt:

Hashtag Josh tips.

Josh Bretl:

But they've changed the catch-up contributions.

Josh Bretl:

And this one's kind of fun.

Josh Bretl:

In 2023, if you're over age 50, you could actually

Josh Bretl:

save an additional $7,500 annually into your 401k.

Josh Bretl:

And that's, they've always said that at over age 50.

Josh Bretl:

But now, they've added some additional layers.

Josh Bretl:

If you're over 62, 63 or 64 in 2023, the catch-up

Josh Bretl:

amount increases to $10,000.

Josh Bretl:

And that means you could defer a total of over 32,000

Josh Bretl:

bucks in your 401k and 403[b].

Josh Bretl:

Now, that's a big deal.

Dave Schmidt:

Not only is that a big deal, I'm glad I have

Dave Schmidt:

show notes because I'm sitting here thinking you said ketchup.

Dave Schmidt:

Like Heinz ketchup.

Dave Schmidt:

"You can save $10,000 in Heinz ketchup?

Dave Schmidt:

My goodness."

Dave Schmidt:

Thank goodness Erin came up with these notes.

Josh Bretl:

Yeah, thank goodness.

Josh Bretl:

It is not the K-E-T ketchup.

Josh Bretl:

It is the catch, like a ball.

Dave Schmidt:

Catch hypen up.

Josh Bretl:

Yeah, catch-up.

Josh Bretl:

Like when I would start running down the street.

Josh Bretl:

"Come on Dave, catch up.

Josh Bretl:

You're not that far behind."

Dave Schmidt:

yeah, right, because, I mean, you are swift.

Josh Bretl:

So fast.

Josh Bretl:

Some other things that, if you're still working,

Josh Bretl:

and now, remember, the catch-up contribution was

Josh Bretl:

important because, again, you're tax arbitraging

Josh Bretl:

in your working years.

Josh Bretl:

Tax arbitraging.

Josh Bretl:

Erin didn't put that word in the notes.

Dave Schmidt:

Man.

Dave Schmidt:

Guy has one gallbladder removed and all of a sudden he's Mr.

Dave Schmidt:

Thesaurus.

Josh Bretl:

That's has never been my nickname.

Josh Bretl:

But they've also freed up some privileges to Roth

Josh Bretl:

401ks and Roth 403[b]s.

Josh Bretl:

So, there is some rules now where companies can also make

Josh Bretl:

their matching contributions as a Roth, which will

Josh Bretl:

benefit a lot of people.

Josh Bretl:

And then, the other thing with Roth 401ks.

Josh Bretl:

It's funny, Roth IRAs have never had RMDs.

Josh Bretl:

There's no RMDs for a Roth IRA.

Josh Bretl:

You can leave it in there as long as you want.

Josh Bretl:

But Roth 401ks did.

Josh Bretl:

So if you had a Roth 401k, you did have to do an RMD.

Josh Bretl:

And they've gotten rid of that, so now, those rules equal

Josh Bretl:

the Roth IRA rules, which I think is probably a good idea

Josh Bretl:

and will save some confusion.

Josh Bretl:

This next one probably will impact younger people.

Josh Bretl:

So, maybe our listeners' children, or if we have

Josh Bretl:

some young hip listeners.

Josh Bretl:

But student loan matching.

Josh Bretl:

Student loans have become a really big deal, and it's going

Josh Bretl:

to allow companies to match...

Josh Bretl:

If people can't put money into their 401ks or 403[b]s because

Josh Bretl:

they're paying off student loans, that means they're

Josh Bretl:

not getting the matches that companies provide for that.

Josh Bretl:

So, this allows people to spend that money and pay

Josh Bretl:

off their student loans, and still get the matching

Josh Bretl:

contributions with that.

Dave Schmidt:

I feel like this came up recently.

Dave Schmidt:

Was it on our last podcast we were talking about this?

Dave Schmidt:

Or maybe, I don't know.

Dave Schmidt:

So, what you're saying is an employee can make a student

Dave Schmidt:

loan payment and their employer may match that student loan

Dave Schmidt:

payment and match their 401k to whatever their rules are?

Josh Bretl:

So, let me use an example here.

Josh Bretl:

If you were to pay $3,000 to your student loan and you don't

Josh Bretl:

put money in your 401[k] because you need to pay off your student

Josh Bretl:

loan, that would eliminate your ability to get the $3,000 match

Josh Bretl:

if your company allowed one.

Josh Bretl:

But it makes the rules where the company can

Josh Bretl:

still give you the match.

Josh Bretl:

Now, it doesn't go to pay off your student loan, but it does

Josh Bretl:

go into your 401[k] there.

Josh Bretl:

But it's a pretty cool thing.

Josh Bretl:

It's out there.

Dave Schmidt:

I see.

Dave Schmidt:

And so, that's why you said it applies to younger

Dave Schmidt:

folks because, yeah, typically retirees won't

Dave Schmidt:

have a student loan still.

Dave Schmidt:

Unless, of course, they've taken the same

Dave Schmidt:

harmonica lessons as me.

Josh Bretl:

Oh, you took expensive harmonica lessons.

Dave Schmidt:

200 grand in debt because of it.

Josh Bretl:

But you now, I mean...

Dave Schmidt:

I can play Hot Cross Buns

Dave Schmidt:

like nobody's business.

Josh Bretl:

The last one here, and the last little nugget

Josh Bretl:

has to do with 529 accounts.

Josh Bretl:

This is not a retirement account.

Josh Bretl:

529s are college savings vehicles.

Josh Bretl:

And they are tax-free college savings vehicles.

Josh Bretl:

So, what happens is a parent or a grandparent, or sometimes

Josh Bretl:

even yourself, you would put money away, like a Roth IRA,

Josh Bretl:

and it would grow tax-free.

Josh Bretl:

And if you took it out for college or some sort of higher

Josh Bretl:

education expense, that money would all come out tax-free.

Josh Bretl:

Now, the problem was if it didn't come out for

Josh Bretl:

an educational expense, the growth was taxed and

Josh Bretl:

you paid a 10% penalty.

Josh Bretl:

So, people were nervous, like, "What if my kid

Josh Bretl:

doesn't go to school?"

Josh Bretl:

Or, "What if they don't use it all?"

Josh Bretl:

And it was hurting them saving for college.

Josh Bretl:

So what they did in this, and this is kind of a neat

Josh Bretl:

thing, is if your 529 is more than 15 years old,

Josh Bretl:

you can actually roll, and this is limited to 35,000

Josh Bretl:

bucks, it's a lifetime limit, 35,000 bucks, to a Roth IRA.

Dave Schmidt:

Penalty-free?

Josh Bretl:

Penalty free, it's pretty cool.

Josh Bretl:

So, that actually does two things.

Josh Bretl:

It makes 529s, in my opinion, a little bit more valuable,

Josh Bretl:

as well as give you some freedom of flexibility

Josh Bretl:

afterwards with that.

Dave Schmidt:

So, assuming the laws for Secure Act 2.0 stay

Dave Schmidt:

in place, if we were to start a 529 for Landon, then when

Dave Schmidt:

he turns, whatever, 18, 20, well, 15 years, 23, and he's

Dave Schmidt:

not going to college, he could just roll it over into a Roth?

Josh Bretl:

Yeah.

Josh Bretl:

You could roll it right into a Roth IRA for Landon.

Josh Bretl:

If he doesn't use it for school, he can use

Josh Bretl:

it for his retirement.

Dave Schmidt:

Because he may follow in my footsteps and

Dave Schmidt:

be professional Rampageist.

Dave Schmidt:

You never know.

Dave Schmidt:

You never know.

Dave Schmidt:

Kids these days, you know what I'm saying?

Josh Bretl:

Rampage as in the Nintendo video game?

Dave Schmidt:

Yeah, we talked about that last week.

Dave Schmidt:

I'm going to be a professional Rampageist.

Dave Schmidt:

That's how I'm going to turn my hobby into a moneymaking thing.

Dave Schmidt:

Remember?

Dave Schmidt:

That was your question from last week.

Dave Schmidt:

Now, it was a day before having your gallbladder out.

Dave Schmidt:

You may have forgotten.

Josh Bretl:

Maybe I was nervous.

Josh Bretl:

Maybe I didn't hear you.

Dave Schmidt:

Maybe.

Dave Schmidt:

But you said, "If you had to take one hobby and make money

Dave Schmidt:

from it, what would it be?"

Dave Schmidt:

And I said, "Playing Rampage."

Josh Bretl:

it was forgettable, apparently.

Dave Schmidt:

Oh, apparently.

Dave Schmidt:

Well, Michael in our office thought it was a great

Dave Schmidt:

idea and he's going to help me start my own Twitch

Dave Schmidt:

channel, whatever that is.

Josh Bretl:

Well, Rampage is a great video game.

Dave Schmidt:

Great.

Dave Schmidt:

Greatest ever.

Dave Schmidt:

Wait, did you just commit to getting one in the office?

Josh Bretl:

No.

Dave Schmidt:

Oh.

Dave Schmidt:

Because they're only...

Dave Schmidt:

Okay.

Dave Schmidt:

Well.

Josh Bretl:

It's a great video game.

Josh Bretl:

I don't play video games.

Josh Bretl:

You're the video game athlete in this relationship.

Dave Schmidt:

That's true.

Josh Bretl:

I'm going to give one last thing, and I don't

Josh Bretl:

know enough about this to go in depth, in detail, but it has

Josh Bretl:

the potential to be really neat.

Josh Bretl:

Qualified charitable distributions.

Josh Bretl:

This is a tax savings tool that we've used for a long time.

Josh Bretl:

It allowed you to take your RMDs and donate them

Josh Bretl:

to a 501[c][3] charity.

Josh Bretl:

So, it allowed you to get a bigger tax deduction.

Josh Bretl:

It helps you quite a bit, tax-wise.

Josh Bretl:

But you weren't allowed to donate it to, there's a lot of

Josh Bretl:

charitable trust and there's some really cool charitable

Josh Bretl:

planning to do with charitable annuities and things like that,

Josh Bretl:

but that was not eligible.

Josh Bretl:

Well, a lot of them have become eligible now.

Josh Bretl:

So, this makes some charitable planning outside of your

Josh Bretl:

IRAs a lot more beneficial.

Josh Bretl:

So, we will be digging into that quite a bit as we get

Josh Bretl:

into Secure Act 2.0 and all of its exciting parts.

Dave Schmidt:

:

Sounds like a hoot.

Dave Schmidt:

:

We got 529s and Pizza Pizzazzes and QCDs, right?

Dave Schmidt:

:

That's the acronym for what you just said.

Dave Schmidt:

:

I mean, I don't know, but-

Dave Schmidt:

:

Yeah.

Dave Schmidt:

:

What?

Dave Schmidt:

:

What?

Dave Schmidt:

:

Okay.

Dave Schmidt:

:

Hey Mr.

Dave Schmidt:

:

Josh, let's take a break.

Dave Schmidt:

:

You've been talking for so long and my ears are sore.

Dave Schmidt:

:

Let's not make them snore.

Dave Schmidt:

:

Listening shouldn't be a chore.

Dave Schmidt:

:

So let's get to know Josh and Dave and watch our ratings soar!

Josh Bretl:

Buggawww!

Dave Schmidt:

Oh, yes.

Dave Schmidt:

I like it.

Dave Schmidt:

Spice it up a little bit there, hey Josh?

Josh Bretl:

No, I don't remember what I did last time, so-

Dave Schmidt:

But you said like "Buggawww!"

Dave Schmidt:

with a B, like "Buggawww!"

Dave Schmidt:

as opposed to like "Kakawww!"

Dave Schmidt:

I like it.

Dave Schmidt:

I think you're starting a trend.

Josh Bretl:

Well, it was a different bird this time.

Dave Schmidt:

Oh, right.

Dave Schmidt:

birdnoises.com.

Josh Bretl:

So, when this goes up onto a video

Josh Bretl:

podcast, and people see our beautiful table and my

Josh Bretl:

giant freaking water bottle.

Josh Bretl:

Dave normally has these pod decks where there's

Josh Bretl:

random questions in here that I pick out and I ask.

Josh Bretl:

And some of them are really inappropriate, but

Josh Bretl:

I didn't open it this time.

Josh Bretl:

I actually came up with my own question.

Dave Schmidt:

:

Aren't we fancy, Mr.

Dave Schmidt:

:

Tax Guy?

Josh Bretl:

That I'm going to ask you.

Dave Schmidt:

All right, yeah.

Josh Bretl:

And here's the question.

Dave Schmidt:

Let's hear it.

Josh Bretl:

I want you to recommend one podcast to our

Josh Bretl:

listeners, and it can't be ours because they're obviously

Josh Bretl:

listening to this already, that you think they would enjoy.

Dave Schmidt:

Wow, what a hard question, because

Dave Schmidt:

there's so many genres.

Josh Bretl:

Just one.

Josh Bretl:

You can only pick one.

Josh Bretl:

I'm now going through my podcast list to see what I got.

Dave Schmidt:

Yeah, there's so many at top of mind.

Dave Schmidt:

This is really hard because I'm an avid podcast listener,

Dave Schmidt:

as are you, and there's so many different genres.

Dave Schmidt:

And I mentioned it in an earlier podcast, but Bone Valley.

Dave Schmidt:

Gilbert King has written a previous book called, I

Dave Schmidt:

think, Murder in the Grove or something like that.

Dave Schmidt:

But Bone Valley is a fantastic piece of storytelling about

Dave Schmidt:

a wrongfully convicted individual who's been in

Dave Schmidt:

prison for the last 35 years.

Dave Schmidt:

It is just so well done on every level.

Dave Schmidt:

It's heartbreaking, it's infuriating, it's uplifting.

Dave Schmidt:

It's everything.

Dave Schmidt:

Bone Valley.

Josh Bretl:

That's a fun one.

Josh Bretl:

I like that one.

Dave Schmidt:

Yeah, it's I guess technically a true crime.

Dave Schmidt:

Although, I mean, not to spoil anything, but they solve

Dave Schmidt:

two murders in this podcast.

Josh Bretl:

So, I really thought you were going to do SmartLess.

Josh Bretl:

I really thought that's where you were going

Josh Bretl:

to go with that one.

Josh Bretl:

So, I didn't pick that one.

Josh Bretl:

I went with one, and I just started listening to this one

Josh Bretl:

in the last couple months.

Josh Bretl:

It's called Revisionist History by Malcolm Gladwell.

Josh Bretl:

So, Malcolm Gladwell has written a ton of books, I think

Josh Bretl:

University of Chicago economist.

Josh Bretl:

Fascinating guy.

Josh Bretl:

But what he does is he and his team go out and they find

Josh Bretl:

specific topics, kind of like his books, and they research and

Josh Bretl:

produce the heck out of them.

Josh Bretl:

And he does a great, they're about an hour

Josh Bretl:

long, a great story.

Josh Bretl:

I mean, you learn so much and it's fascinating.

Josh Bretl:

You usually feel good afterwards.

Josh Bretl:

I like feel-good podcasts.

Josh Bretl:

But it's really, really interesting as you dig

Josh Bretl:

into the inner workings of different things.

Josh Bretl:

Sometimes what you think to be true isn't always

Josh Bretl:

true, including in history and stuff like that.

Josh Bretl:

So Revisionist History I think is fascinating.

Josh Bretl:

It's a fun podcast for anyone to listen to.

Dave Schmidt:

I've heard that name before.

Dave Schmidt:

When you said it, I think, Revisionist, I think of

Dave Schmidt:

a fictional podcast, like they're going to take a

Dave Schmidt:

story that we all think we know the story to and then

Dave Schmidt:

put their own spin on it.

Dave Schmidt:

But doesn't sound like that's necessarily...

Josh Bretl:

No.

Josh Bretl:

Sometimes it's what happened in the past, like a big

Josh Bretl:

event, and they want to know, did it change history?

Josh Bretl:

Is something different because X happened?

Josh Bretl:

And they go back and they analyze what's different, how

Josh Bretl:

it's different, stuff like that.

Josh Bretl:

It's really cool.

Josh Bretl:

It's a neat podcast.

Dave Schmidt:

He actually, did I tell you he reached out?

Dave Schmidt:

He's going to do an episode on the Retirement Equals

Dave Schmidt:

Freedom podcast in 10 years, and just how much

Dave Schmidt:

we have changed history.

Josh Bretl:

Wow.

Dave Schmidt:

Yeah, I know.

Dave Schmidt:

We're pretty awesome.

Josh Bretl:

That's amazing.

Josh Bretl:

I mean, he's writing it before we even revise history.

Dave Schmidt:

I know.

Dave Schmidt:

It's so meta.

Dave Schmidt:

Speaking of which, Dave relates to retirees, yeah!

Josh Bretl:

You had to stop me from talking

Josh Bretl:

over at the end of that.

Dave Schmidt:

You were about to.

Josh Bretl:

Oh yeah, without a doubt, because

Josh Bretl:

I got to get my word in.

Josh Bretl:

Dave and I right now are sharing an office that

Josh Bretl:

doesn't have a table in it because the vendor won't

Josh Bretl:

give us the table apparently.

Josh Bretl:

You wouldn't mention it, but I'm getting a little bitter.

Josh Bretl:

But I walk in here, and Dave was taking notes on

Josh Bretl:

the podcast show notes, and I saw him working on it.

Josh Bretl:

And he says, "DR2R."

Josh Bretl:

And I look at him.

Josh Bretl:

I was like, "What?"

Josh Bretl:

"DR2R."

Josh Bretl:

I go, "What's DR2R?"

Josh Bretl:

He goes, "Dave relates to retirees."

Dave Schmidt:

Wait, are you?

Dave Schmidt:

Hold on, are you-

Josh Bretl:

I was impressed by it.

Josh Bretl:

I never heard that before.

Dave Schmidt:

No.

Dave Schmidt:

Oh my gosh.

Dave Schmidt:

This is two times, one episode.

Dave Schmidt:

You made a whole spiel about this last episode.

Josh Bretl:

Oh yeah, I did.

Josh Bretl:

I remember now, it's on your notes.

Dave Schmidt:

Oh my gosh.

Dave Schmidt:

So you really were not in the right state of mind

Dave Schmidt:

in episode 30, clearly.

Josh Bretl:

No.

Josh Bretl:

People have to realize, when I do the podcast, once we

Josh Bretl:

finish hitting record, you take it from that point forward.

Dave Schmidt:

Yeah, it's true.

Josh Bretl:

Until it releases.

Josh Bretl:

I don't hear it until all of our fans hear it.

Dave Schmidt:

Okay, that's true.

Josh Bretl:

And so, you spend a long time listening

Josh Bretl:

and editing and I don't.

Josh Bretl:

So, it goes completely out of my mind.

Josh Bretl:

And I actually haven't finished our last episode yet, so I

Josh Bretl:

haven't gotten to that part yet.

Josh Bretl:

I apologize.

Dave Schmidt:

That's fair.

Dave Schmidt:

That's fair.

Josh Bretl:

So Dave, give me your DR2R.

Dave Schmidt:

Oh, DR2R.

Dave Schmidt:

This is, again, like last week, this is a really simple thing

Dave Schmidt:

for me because I get retirees on a very deep level here.

Josh Bretl:

Ramageist.

Dave Schmidt:

Like every good DR2R, I have to stack my papers

Dave Schmidt:

because it's going to be deep.

Dave Schmidt:

But Secure Act 2.0, I feel like we mentioned it earlier.

Dave Schmidt:

If you're not really paying attention, or if you don't

Dave Schmidt:

have somebody paying attention for you, it could have

Dave Schmidt:

slipped under the radar.

Dave Schmidt:

Josh mentioned it's not really sweeping, huge changes that

Dave Schmidt:

happened like Secure Act 1.0.

Dave Schmidt:

But they are subtle changes that could make a huge

Dave Schmidt:

difference in any number of things financially-related.

Dave Schmidt:

Two of my favorite video games, I said it, I'm going back to

Dave Schmidt:

video games, ToeJam and Earl.

Josh Bretl:

There's a video game called ToeJam and Earl?

Dave Schmidt:

ToeJam and Earl.

Josh Bretl:

Did that come up when we were kids?

Dave Schmidt:

Yeah.

Dave Schmidt:

Oh yeah.

Dave Schmidt:

And I'm going to go with Rampage again.

Dave Schmidt:

But these two video games, they were very, and are

Dave Schmidt:

very, simplistic, are, because I still play them.

Dave Schmidt:

Where, there'd only be maybe 15 to 20 different,

Dave Schmidt:

air quote, "worlds."

Dave Schmidt:

But every time you would visit the world, some

Dave Schmidt:

things would be different.

Dave Schmidt:

The hidden paths would be different, the enemies

Dave Schmidt:

would be different.

Dave Schmidt:

And it's so identical to the Secure Act 2.0, where retirees

Dave Schmidt:

are pretty comfortable with the changes in 1.0, right?

Dave Schmidt:

But if they're not paying attention, boom.

Dave Schmidt:

2.0 sneaks up and hits them.

Dave Schmidt:

Either you got to be paying attention yourself, or

Dave Schmidt:

have a really good advisor.

Dave Schmidt:

In my case, I was the advisor to my sister Julie, whom was

Dave Schmidt:

kind of like you, the retiree.

Dave Schmidt:

I was an expert.

Dave Schmidt:

She would play ToeJam and Earl with me.

Dave Schmidt:

And if she wasn't paying attention.

Josh Bretl:

Did you just insult the retirees?

Dave Schmidt:

No, not at all.

Dave Schmidt:

Why would I?

Josh Bretl:

I was worried.

Josh Bretl:

You compared them to Julie.

Josh Bretl:

Are you in trouble?

Josh Bretl:

I even thought, "Oh, snap."

Dave Schmidt:

So, I was like Julie's advisor with this.

Dave Schmidt:

I'd be like, "Jules, look.

Dave Schmidt:

You think you may know this world, we were just here.

Dave Schmidt:

But there's some different things.

Dave Schmidt:

There's an oogie boogie over there.

Dave Schmidt:

There's one of those fat opera singers who's going

Dave Schmidt:

to knock you off the stage.

Dave Schmidt:

There's the lawnmower man who runs around."

Dave Schmidt:

So, I get it.

Dave Schmidt:

Familiar with ToeJam and Earl.

Dave Schmidt:

Familiar with Rampage.

Dave Schmidt:

But, I'm not paying attention, I can get hit.

Dave Schmidt:

I don't know if that laugh was because you're just like,

Dave Schmidt:

"Wow, Dave nailed it," or if you're like, "How the heck am

Dave Schmidt:

I going to Full House this?"

Josh Bretl:

You know, as you were talking, I was

Josh Bretl:

also thinking, how can I go back full circle from

Josh Bretl:

our rambling beginnings?

Josh Bretl:

And I'm going to do it.

Dave Schmidt:

I never doubted you.

Josh Bretl:

So, they found out I needed to have my

Josh Bretl:

gallbladder out because they were looking at something else.

Josh Bretl:

And as they were imaging my stomach, and they weren't even

Josh Bretl:

looking at my gallbladder, but they said, "Hey, that

Josh Bretl:

young fellow's got some polyps on his gallbladder."

Josh Bretl:

Lucky for me, those doctors were paying attention.

Josh Bretl:

They said, "Hey, we're going to monitor that."

Josh Bretl:

Well, the polyps got a little bit bigger and they

Josh Bretl:

said, "Young fellow, you got to have those polyps out."

Josh Bretl:

And really, they wanted the whole gallbladder.

Josh Bretl:

Like your ToeJam and Football or whatever.

Dave Schmidt:

ToeJam and Earl.

Josh Bretl:

ToeJam and Earl.

Josh Bretl:

I didn't know what I was looking for.

Josh Bretl:

And luckily, my doctor did.

Josh Bretl:

She's amazing.

Josh Bretl:

And she was very calming.

Josh Bretl:

And she said, "These are the things you're

Josh Bretl:

going to have to do."

Josh Bretl:

Lucky for Julie, that she had you to walk her through where

Josh Bretl:

the oogie boogie was going to be in ToeJam and Earl.

Josh Bretl:

And to make it a much more realistic, real world example,

Josh Bretl:

you actually hit the nail on the head when you said a

Josh Bretl:

retiree who has an advisor looking out, and how you can

Josh Bretl:

be aware of changes that occur.

Josh Bretl:

And when a change occurs, and changes occur all the time,

Josh Bretl:

you either are going to take advantage of it or it's going

Josh Bretl:

to take advantage of you.

Josh Bretl:

And when you have that good advisor, you can make sure that

Josh Bretl:

something like Secure Act 2.0 isn't an oogie boogie that is

Josh Bretl:

going to come out and get you.

Josh Bretl:

And so, when we say that our mission statement is to

Josh Bretl:

give clients the confidence to make retirement the best

Josh Bretl:

part of their lives, what we mean, a lot of that is that

Josh Bretl:

you watch the whole picture.

Josh Bretl:

There's all sorts of things that could come on.

Josh Bretl:

And we love to stand by their side and make sure that even the

Josh Bretl:

oogie boogie of Secure Act 2.0.

Dave Schmidt:

And the mailbox monsters and the

Dave Schmidt:

rabid chickens that get you.

Josh Bretl:

Oh, we don't do anything with rabid chickens.

Josh Bretl:

Nothing.

Dave Schmidt:

Don't want to mess around with that.

Josh Bretl:

No.

Dave Schmidt:

So, that was a great full house moment.

Dave Schmidt:

I'm going to lighten things up here.

Dave Schmidt:

Have you noticed when we send out those podcast

Dave Schmidt:

email club emails, that I usually put a random

Dave Schmidt:

montage of images in there?

Josh Bretl:

Yeah.

Josh Bretl:

It's really cool.

Dave Schmidt:

Yeah.

Dave Schmidt:

So, the montage is usually about the fun things

Dave Schmidt:

that we talk about.

Dave Schmidt:

So, ToeJam and Earl is definitely going

Dave Schmidt:

to be in the montage.

Dave Schmidt:

Should I put some images of your polyps in there too?

Josh Bretl:

My gallbladder polyps?

Dave Schmidt:

I mean, do we have any images of your

Dave Schmidt:

gallbladder after it's removed?

Dave Schmidt:

Like it's super gory and gross?

Josh Bretl:

Some more behind the scenes stuff here, and this is

Josh Bretl:

kind of fun for our listeners, if they're not looking at

Josh Bretl:

the emails or the show notes inside of each show page.

Josh Bretl:

We have a lady, Leslie, who listens to all of these and she

Josh Bretl:

writes up the show notes for us.

Josh Bretl:

And I've never met Leslie one on one, but she takes

Josh Bretl:

what we do and she makes it sound really, really good.

Josh Bretl:

I can only imagine what she's going to do with this episode.

Josh Bretl:

But she makes these amazing notes, and with your montage

Josh Bretl:

and also all of her notes, it has links to every single

Josh Bretl:

thing that we talk about.

Josh Bretl:

So, if people aren't visiting the show page or reading the

Josh Bretl:

emails, this is a reminder.

Josh Bretl:

Sign up for the Retirement Equals Freedom Podcast Club

Josh Bretl:

emails, because Dave puts a lot of work into them

Josh Bretl:

and they are fantastic.

Dave Schmidt:

They're very entertaining, probably more

Dave Schmidt:

entertaining than our show.

Dave Schmidt:

And rumor has it in the next few months, they're

Dave Schmidt:

going to be even better.

Dave Schmidt:

I won't go into that now.

Josh Bretl:

Is that when our table gets here?

Dave Schmidt:

Yeah, right.

Dave Schmidt:

FSRwealth.com/podcast.

Dave Schmidt:

Dear friends, dear friends.

Dave Schmidt:

Please get onto our email club.

Dave Schmidt:

Let's just say Josh and I have more time together

Dave Schmidt:

these days and some fun things will be happening.

Dave Schmidt:

He may not know about them, he may not approve of them, but

Dave Schmidt:

they're going to be happening.

Josh Bretl:

Or if you told me, I forgot about them

Josh Bretl:

apparently, like our last DR2R.

Dave Schmidt:

Yeah.

Dave Schmidt:

It's true.

Dave Schmidt:

You know what I haven't forgot about?

Dave Schmidt:

These Girl Scout Cookies I ordered from

Dave Schmidt:

your daughter, Maggie.

Dave Schmidt:

When can I expect them?

Josh Bretl:

We have so many random stories in this podcast.

Josh Bretl:

So Saturday, Missy, my wife is in charge of the Girl Scout

Josh Bretl:

Cookies for the entire troop.

Josh Bretl:

And Saturday is when she picks up the Girl Scout

Josh Bretl:

Cookies for the whole troop.

Josh Bretl:

And we have to be able to pick up somewhere around 1900

Josh Bretl:

boxes of Girl Scout Cookies and bring them back to our

Josh Bretl:

house on Saturday morning.

Dave Schmidt:

Wait, that number's made up.

Josh Bretl:

No, it's huge.

Josh Bretl:

It's a huge number of Girl Scout Cookie boxes.

Josh Bretl:

So, I'm going to guess next week, Dave, you're going

Josh Bretl:

to have Girl Scout Cookies.

Dave Schmidt:

I was just about to do this.

ALF:

Why must you needlessly complicate everything?

Dave Schmidt:

But when you dropped that 1900 number?

Josh Bretl:

It's a stupid number, what she told me.

Dave Schmidt:

I ordered four and I thought that was a lot.

Josh Bretl:

I'll try and take a picture of our

Josh Bretl:

living room after she picks these up so we can see it.

Josh Bretl:

It's unbelievable.

Dave Schmidt:

I can't wait.

Dave Schmidt:

I can't wait.

Dave Schmidt:

Well, I look forward to the Girl Scout Cookies, especially the

Dave Schmidt:

new one that they introduced.

Dave Schmidt:

I bought a box of them.

Dave Schmidt:

It's the brownie shoved inside of a cookie.

Josh Bretl:

There's another new one that's being

Josh Bretl:

released on the second wave of Girl Scout Cookies.

Josh Bretl:

I didn't know, there's two waves.

Josh Bretl:

There's an in-person ordering wave and there's an

Josh Bretl:

online, I'll ship it to you ordering wave, and it's a

Josh Bretl:

raspberry chocolate cookie.

Josh Bretl:

Oh, it looks amazing.

Dave Schmidt:

Oh man.

Dave Schmidt:

Good thing I still have my gallbladder.

Dave Schmidt:

Debbie, I hope you have your gallbladder and I hope you

Dave Schmidt:

ordered your Girl Scout Cookies, because we are going to say bye.

Josh Bretl:

Bye.

Dave Schmidt:

Thin Mints, Tagalongs, Do-si-Dos.

Josh Bretl:

I like Thin Mints in a freezer.

Dave Schmidt:

Samoas.

Dave Schmidt:

Yeah, Thin Mints in a freezer.

Josh Bretl:

One or two of those at the end of the

Josh Bretl:

night is just the best.

Dave Schmidt:

Oh man.

Dave Schmidt:

The best.

Oogie Boogie:

Oogie boogie boogie.

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