‘IRISH I KNEW THAT SOONER!’ 6 Fun Facts About St. Patrick’s Day
it that at 16 years old, he was kidnapped and sold into slavery by Irish raiders. After six years, he was able to escape back to Britain and returned to Ireland much later as a Christian missionary. Ireland named him the country’s patron saint after he passed away. March 17 isn’t St. Patrick’s birthday. Many believe that we celebrate St. Patrick’s Day on his birthday, but it’s actually the day he died in 461 A.D. That’s not his name. As mentioned earlier, St. Patrick is not his real name! When he became a bishop, Maewyn Succat changed his name to Patrick. He didn’t banish snakes. Legend has it that St. Patrick banished all of the snakes from Ireland. In fact, even some
portraits depict him doing so. However, fossil records show that snakes were never present in Ireland around his lifetime. Corned beef and cabbage originated in America. On March 17, everyone loads up on corned beef and cabbage in celebration, but did you know that in Ireland, they ate ham and cabbage, and the corned beef tradition actually began in America? In the 19th century, Irish Americans bought leftover corned beef from ships returning from China. The first St. Patrick’s Day parade happened in America. Many believe that St. Patrick’s Day was first celebrated in Ireland, but in 1737, the first St. Patrick’s Day parades actually took place in Boston and New York City.
Year after year, we celebrate St. Patrick’s Day with green shamrocks, leprechauns, pots of gold,
and Lucky Charms, but did you know that St. Patrick was actually British? Even more surprising, St. Patrick isn’t even his real name! Get ready to celebrate the luck of the Irish while impressing others with some fun St. Patrick’s Day trivia. The man’s British roots run deep. St. Patrick isn’t Irish — he was born in Britain around the end of the fourth century. Legend has
This New Legislation Will Impact Your Retirement!
THE HIGHLIGHTS OF SECURE 2.0
3. You can explore more qualified charitable distribution (QCD) options. As of this year, if you’re older than 70 1/2 you can make a one-time $50,000 gift to a charitable gift annuity, charitable
Just after Christmas last year, Congress passed the Consolidated Appropriations Act of 2023, which was signed into law a few days later. It was an update to the 2019 SECURE Act. It did not make many headlines, but it should have! The changes it contains will have a huge impact on many people like you.
Here is a quick rundown on a few of the biggest ways SECURE 2.0 could impact your retirement, based on an excellent breakdown from Fidelity.com.
1. Your required minimum distributions (RMDs) goes up to age 75. Before SECURE 2.0, retirees had to begin taking RMDs at age 72. The new legislation raises the age to 73 for now, and to 75 in 2032. SECURE 2.0 also slashes the penalty for missing an RMD in half, and Fidelity reports that “Roth accounts in employer retirement plans will be exempt from the RMD requirements starting in 2024.” 2. Your catch-up contributions may rise. SECURE 2.0 changes the rules on catch-up contributions to workplace retirement accounts and Roth IRAs, tying some contributions to inflation and adjusting others based on income. This is one of the biggest changes: If you will be between 60 and 63 in January 2025, you will be able to add up to $10,000 in catch-up contributions to your workplace retirement account — that is $2,500 more than the annual amount allowed today!
remainder annuity trust, OR charitable remainder unitrust as part of your QCD.
4. You can roll your 529 Plan
into a Roth IRA for the same person. If you saved money for your child’s education but they did not use it all, this is fantastic news! After 15 years, under SECURE 2.0 they can put up to $35,000 of the remaining money toward their retirement. Each of those points is more complex and nuanced than the overview we provided. If one or more of these changes impacts your retirement plans, we are available to have a more in depth discussion with you.
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