A Secure 2023
New rules for a new era of investing

Happy new year! Just before the end of 2022, Congress passed a package of retirement-planning revisions known as SECURE Act 2.0. The moniker is an homage to the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which was designed to help working Americans save for retirement. Like its predecessor, SECURE Act 2.0 contains many parts. Some key takeaways:

  • It allows people age 50 and up to add an extra $7,500 per year to their retirement accounts. Those between 60 and 63 will be able to contribute at least $11,250 annually beginning in 2025.
  • It incrementally raises the required minimum distribution (RMD) age at which you must withdraw a percentage of your tax-deferred retirement accounts from 72 to 75, by 2033.

SECURE Act 2.0 was passed at the very end of 2022.

  • It allows people with Roth 401(k)s, which are tax-free retirement savings vehicles, to skip RMDs altogether, beginning in 2024.
  • It allows rollovers of certain unused 529 college savings plans into Roth IRAs. The 529 accounts must be at least 15 years old, and the amount is limited to $35,000.
  • It amends the rules governing qualified longevity annuity contracts (QLACs), which are a type of deferred annuity that’s funded from a retirement account and is exempt from RMDs until distributions are taken. Under the old rules, you could only use 25% of a retirement account or $135,000—whichever was less—for a QLAC. The new rule removes the 25% limit and sets a maximum of $200,000 that can be used from a retirement account to buy a QLAC.

Quarterly review and 2023 planning meetings

We are scheduling Q1 2023 client review meetings and 2023 planning sessions between January 5 and February 15th. Every year, advances in technology allow us, our industry providers, and affiliated professionals to improve our services to you.

In 2022 we have added “Calendly” software to our communications. You may now schedule calls, zoom meetings and in-person appointments from links provided in our emails or from our website.

The agenda for our meetings includes:

  • Update your Confidential Data Book
  • Update changes in IRS guidelines and industry regulations which are important to you
  • Review any open tasks remaining from 2022
  • Review current structures
  • Strategies for 2023 to avoid losses to unnecessary taxes and risk

Markets continue to show instability and unpredictability. With this in mind, we continue to recommend financial structures that avoid losses to unnecessary taxes and risk, including:

We will discuss these opportunities, along with premium refund disability as an initial risk protection measure, in upcoming client reviews and new client consultations.

Reach out and start your journey from less to more.

For over 30 years, our firm has helped successful physicians and dentists across the country maximize the efficiency, control, and safety of the conversion of their earnings into spendable savings.

Our five question loss test can identify how much of your earnings and savings are currently being lost to unnecessary taxes and risk.

Our eBook and webinar provide financial education on the structures that move you to financial independence and personal significance.

Our monthly e-Newsletter provides updates on the structures and strategies important to doctors.

Click the link below for a free consultation and free financial analysis.

If you are new to us, click here to schedule your free consultation and financial analysis.

For existing clients, please schedule your client review meeting with us here.


Jeffrey Taxman, MBA
Physicians Financial Services
402.399.8820 (o) | 402.681.9007 (m)
402.397.9510 (f) | jtaxman@pfsfa.com
Online: www.pfsfa.com

Matthew Taub, JD
Physicians Financial Services
402.399.8820 x105 (o) | 531.375.5962 (d)
402.960.2571 (m) | mtaub@pfsfa.com
Online: www.pfsfa.com

Physicians Financial Services specializes in the unique financial needs of doctors and their families, as well as other productive individuals. A national practice, PFS has administrative offices in Omaha, Nebraska.

You Need Not Be a Doctor: we also work with other productive individuals with similar financial needs.

All information provided by Physicians Financial Services is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. Such information also is not and should not be deemed to be an offer to purchase or sell or a solicitation of an offer to purchase or sell, or a recommendation to purchase or sell any securities or other financial instruments. The content in this promotional literature is based on sources that are considered reliable. No guarantee is provided on its accuracy, correctness or completeness either express or implied. The information provided is purely of an indicative nature and is subject to change without notice at any time. The information provided does not confer any rights. The value of your investment may fluctuate. Results achieved in the past are no guarantee of future results. You must make your own independent decisions regarding any securities or other financial instruments mentioned herein. You are advised to seek professional advice as to the suitability or appropriateness of any products and their tax, accounting, legal or regulatory implications.

DOCTORS’ FINANCIAL EDUCATION. Financial Education Series. | © Copyright 2022 Physicians Financial Services. | Jeffrey L. Taxman, MBA, | PFS Consulting LLC | 1810 South 108th St., Omaha, NE 68144, jtaxman@pfsfa.com, 402.399.8820 (o), 402.397.9510 (f)