Reads & listens for the holiday delays

I’m currently stuck, alongside thousands of others, in the surreal time-warp that is an airport terminal on Christmas Eve. Here’s what I’m doing to pass the time.

01. Reading up on changes to retirement rules & opportunities

I’m peeling open the $1.7T spending bill and Secure 2.0 because of the crazy changes it is making to retirement accounts, specifically IRAs and 401(k)s. The highlights:

• Starting age for Required Minimum Distributions (RMDs) has moved from 72-73

• Employers can now match employee contributions to 401(k)s with Roth money

• Employers will be required to auto-enroll employees in 401(k) programs

• 401(k) programs can now add an emergency savings account to help employees deal with unexpected expenses

Secure 2.0 also improves the tax credit for employers who open a retirement program for their employees in 2023. This coincides perfectly with the state of Colorado requiring employers to implement a retirement plan.

02. Improving my knowledge of Solo 401(k)s

I’m currently reading Going Solo by Adam Bergman to understand the complexities (and simplicities) of a 401(k) for sole proprietors, freelancers, and contractors. For those who quality, it’s possible to save $63,000 per year pre-tax!

This is just the beginning. With the proliferation of freelance work, startups, and employee-owned businesses, it’s clear to me that retirement plans for the people involved will be the keystone of wealth management for the next few years.

03. Playing around with ChatGPT

The latest breakthrough in generative AI comes in the form of by far the smartest chat bot I have ever interacted with: ChatGPT from Open AI.

If you want a laugh, I’ve been having it write rap battles between notable historic figures.

If you want a glimpse into the potential, ask it to synthesize a topic you are struggling to understand. I particularly like asking it to explain to a 5-year-old, a high-schooler, a college graduate, and a PhD.

I used this AI to help me write the latest HC Insights blog, it helped me draft body paragraphs and simplify my writing, I’m blown away by the outcome.

04. Reading the additions to the HC Knowledge Base

In the mayhem of the final weeks of the year, I haven’t been able to read the incredible articles Jon and the other authors have been writing. Some absolute standouts have been:

• Managing your finances like a company of one

• Everything you should know before buying your first house

• How to navigate student loans 

• The retirement savings waterfall

Robert Farrington from The College Investor was kind enough to write the article on student loans. He is a true expert and I learned so much! I believe everyone should read that article, so please use HCTRIAL for a free month if the money is a barrier.

05. Finding new podcasts and sound bites

I rarely have time for long-form podcasts, so I’ve ordered these podcasts by listen time so you can fit them into any corner of your schedule.

• Thoughts on the Market by Morgan Stanley (4 mins)

• Exchanges at Goldman Sachs (24 mins)

• Marriage Kids and Money (40 mins)

• Choose FI (1+ hrs)

For anyone who needs ammunition to kill some time, I hope this helps.

Nate Hoskin, CFP®

Founder & Lead Advisor

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