IRAs
Understanding RMDs and the Impact on Retirement Financial Planning
For many folks, it’s that time of the year when the issue of required minimum distributions (RMDs) from tax-preferred retirement savings plans (IRAs, 401ks, etc.). One consistent word of advice from financial planners, of course, is DO NOT FORGET to…
Heads Up, Savers! The IRA Contribution Limits for 2025 Are Annonced.
So much has been written about the level of savings future retirees have set aside for this phase of their lives, and much of it has been focused on the absence of wealth accumulation to offset the loss of income…
Eliminating Tax-preferred Retirement Savings–A Way to Address Insolvency?
A study published recently by The Center for Retirement Research has called into question the possibility of eliminating “retirement saving tax preferences on employer-sponsored plans” and diverting the increased income tax revenue directly into Social Security to help address the…
Another Tax Time Alert–Remember that Withdrawals from Deferred Retirement Accounts Will Affect Your Income Taxes
Although withdrawals from 401(k) plans and deferred (non-Roth) IRAs do not directly affect Social Security benefits, they do have a direct impact on the amount of your modified adjusted gross income used to calculate your federal tax obligation. As a…
SECURE 2.0 Drafting Error Could Cause a Change in Retirement Planning
A drafting error baked into the SECURE 2.0 act passed by Congress and signed into law last December would, if not corrected, have an effect on those planning on making catch-up contributions in their employer-sponsored retirement accounts in 2024. Specifically,…
The Changing Landscape for Retirement Planning Strategy
Despite long-held attitudes toward the criticality of workplace retirement plans like 401ks, it appears that future retirees are paying more attention to other ways to accumulate wealth for their post-workforce lives. Yahoo Finance reporter Brian J. O’Connor, in a post…
Taking a Look at Secure 2.0 and what the Provisions Mean to Some Seniors
The Secure 2.0 package signed into law kast December has several key provisions intended to aid seniors in the management of their retirement finances. One of the basic features is a delay, for those turning 72 this year, of the…
Avoiding stealth taxes
The majority of American workers save for retirement in pre-tax savings vehicles such as 401(k) and IRAs, not understanding the potential costs later in their retirement. What are those costs? Stealth taxes can increase your income tax liability and reduce…
New Rules for Retirement Account–A Quick Refresher
The recently-passed $1.7 trillion spending bill includes a host of big-ticket items, but one of the more obscure segments of the legislation has a direct bearing on many folks’ retirement financing strategies. If you are the owner of a 40a(k),…
Retirement savers got some surprising news
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS also issued guidance regarding the cost‑of‑living adjustments affecting dollar limitations for pension…