RMDs
Super savers and taxes
Are you a super saver? Are you part of the one-third of American retirees that have a plan to reduce taxes on your retirement savings? The new age for taking required minimum distributions, or RMDs, is now 73, which could…
Attention 75+ Retirees: You May be able to Avoid RMDs (temporarily, anyway)
There are circumstances in which seniors can delay taking required minimum distributions from employer-sponsored plans like a 401(k) or a 403(b) plans. There are qualifications, though, beginning with the requirement that you must remain an employee (not a contractor) of…
Exchanging Social Security Benefits for an RMD Deferral Option? A New Idea Surfaces.
As the rhetoric on fixing Social Security’s solvency problem pickS up steam, so does the emergence of new and creative approaches to reforming the system. In a post today on Kiplinger.com, contributor Chris Heerlein advances a suggestion that deals with…
Required Minimum Distributions & Social Security
Required Minimum Distributions (RMDs) are the one drawback to retirement plans like the 401k and traditional IRAs. While the law was recently changed to increase the age that RMDs must begin to 72, the distributions can push people’s income up…
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).…
Congress Passes the “CARES Act,” Including Relief Payments to Social Security Recipients
The “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” passed today in Congress, designed to provide for substantial stabilization in America’s economy during the unprecedented medical crisis sweeping the country. As approved, the Act provides critically needed funding in…