IRAs
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…
Auto-IRAs Can Help Retirees Delay Claiming Social Security
This well researched issue brief from The Pew Charitable Trusts provides a viable strategy for those seeking to maximize the amount they receive each from Social Security for the rest of their lives. Most know that each month’s delay increases…
The CARES Act and Deferred Savings Accounts
In a post on baxterbulletin.com, The Savvy Senior’s Jim Miller addresses the retirement account changes implemented as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, specifically covering the matter of hardship withdrawals, loan limits, and required minimum distributions (RMDs).…
Don’t let the current market whiplash spook you!
These are tense times for retirees and those looking near term at retirement. It would be naive to say that all is well, although history tells us things will settle down and there will be a recovery, but what is…