John and Bridget discuss the new rules introduced by the IRS regarding catch-up contributions for individuals over the age of 50. The rules state that if you are over 50, you can put extra money into your 401(k) to catch up on retirement savings. However, starting in 2026, if your income is over $145,000, you can only make catch-up contributions to a Roth 401(k), not a traditional one. The speakers discuss the implications of this change and potential tax planning opportunities.

00:00 Introduction of speakers and their financial planning practices
00:47 Explanation of catch-up contributions and the previous rules
02:00 Secure 2.0 Act changes catch-up contributions to Roth only
03:46 IRS pushes back start date of new rule to 2026
06:05 Discussion on tax planning opportunities with the new rule
07:34 Different perspectives on tax deductions and future taxes
08:29 Uncertainty of future tax increases and political challenges
09:08 Discussion on the limited options for saving beyond 401(k) limit
09:25 Conclusion and final thoughts on the new rule
09:08 Saving more than the 41k regular limit
09:43 Opportunities for those close to the 145 income limit
10:07 Examining income for tax deductions
10:31 Uncertainty around final regulations
11:01 Potential benefits of working 90% time
11:41 Not actionable for those significantly above or below income limit
11:57 Wrapping up the conversation
12:22 Both advisors taking new clients
12:26 Reminder to hit the subscribe button

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