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David Muhlbaum: Gas prices have shot up and consumers are feeling the pinch at the pump. We’ll talk with Jim Patterson, Managing Editor of the Kiplinger Letter and a long-time energy watcher about what’s behind the surge, when it might ease, and what drivers can do to cope. Also, Congress is fiddling with retirement savings rules. What should we expect? All coming up on this episode of Your Money’s Worth. Stick around.
David Muhlbaum: Welcome to Your Money’s Worth. I’m kiplinger.com senior editor, David Muhlbaum, joined by my cohost, Kiplinger’s senior editor Sandy Block. How are you doing, Sandy?
Sandy Block: I’m good, thanks. Happy April Fool’s Day to you.
David Muhlbaum: Well, thank you. You know what’s another thing we’ve lost working virtually? Office pranks. I used to enjoy those a good bit and April Fool’s Day was a prime opportunity. Okay, well anyway, no joke. Those pranksters in Congress are messing with retirement savings rules again and I’m talking about SECURE Act 2.0 or rather Sandy, I’m going to ask you to talk about SECURE Act 2.0. The listeners have heard me grump about how uncreatively this bit of legislation is named and that’s going to force us to take a step back and explain the SECURE Act first which is going to eat into the time that we have to talk about the SECURE Act 2.0. So look, if your head is starting to spin, please go to the show notes. I’m going to put in an excellent explainer article about the SECURE Act 2.0. And if you’re like, retirement rules, whatever. Well don’t go away just yet because we’re going to come back with a great main segment about fuel prices and who doesn’t care about fuel prices?
David Muhlbaum: So, okay, Sandy. Let’s take a step back with these very inside the beltway terms. We’re talking about the rules that govern how you can save for retirement and then how those savings get treated from a tax perspective like when do you have to start taking money out? What happens if you want all this money to go to your heirs? We’re talking mostly about individual retirement accounts, IRAs, and those hold a ton of money on the aggregate. So people care — or should — about what happens to the …….