IRS Delays Roth Catch-Up Provision Mandated by SECURE 2.0

IRS Delays Roth Catch-Up Provision Mandated by SECURE 2.0 Episode 246 – Do you have enough money to be considered wealthy? A recent survey by Charles Schwab and Company has the answer. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 246 Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, how much money do you need to be considered wealthy? Let’s just say that a million dollars isn’t what it used to be. And unlike with previous generations, being a millionaire doesn’t necessarily mean you’re rich. But how much is a lot of money? A recent survey by Charles Schwab & Co., Inc., tried to quantify it. The study, published in June 2023, came up with a specific answer: on average, most people would consider you wealthy with a net worth of $2.2 million or more.[1]  But the details reveal some glaring discrepancies. For one thing, 48 percent of all respondents said they feel wealthy today, even though their average net worth is just $560,000. There are some significant generational differences as well. The study of 1,000 respondents broke down the generations as follows: Gen Z, or people born between 1997 and 2001; Millennials, or people born between 1981 and 1996; Gen X, or people born between 1965 and 1980; and Baby Boomers, or people born between 1947 and 1964. Whether they are considered numerically wealthy or not, Millennials are the most likely to say they “feel” wealthy, with