New retirement withdrawal rule could backfire in costly way
A new law increasing the age you must withdraw from your retirement accounts may come with some unexpected and expensive consequences.
A new law increasing the age you must withdraw from your retirement accounts may come with some unexpected and expensive consequences.
In your 30s, responsibilities pick up. You’re likely to buy your first home and grow your family. Marriage, a mortgage and little mouths to feed can drain your earnings. Even the family dog eats a portion of your paycheck.
Rushing in a 2022 contribution before the April 18 deadline? Tax and IRA expert Ed Slott shares what you need to know.
Inflation is driving higher limits on retirement plan contributions this year, but it’s also lifting the amount of income that’s subject to Social Security tax.
Unless you hold some niche investments, the value of your portfolio is likely down at the moment. The S&P 500 has surrendered about 18% over the past 12 months, and the broad bond market hasn’t done much better, having lost 13%.
A major new retirement law has been enacted, the second big one in little more than three years. Like movie sequels, this one has all the makings of a blockbuster.
The Secure 2.0 Act will allow Americans to save more money in tax-sheltered workplace retirement accounts, make the saving process easier through automatic enrollment, provide new incentives, delay the time when withdrawals must begin and set in motion other important changes.
President Biden signed the Secure Act 2.0 after passage by both the House and Senate. That long-discussed package of changes to retirement savings rules aims to make it easier for Americans to build retirement savings and less costly to withdraw those savings.
Congress is on the verge of passing a bill that aims to help Americans save more for retirement and leave their retirement savings untouched and untaxed for longer.
Big changes are likely coming for Americans' retirement savings. The changes, part of the Secure Act 2.0, were included in the sweeping end-of-year $1.7 trillion spending bill the Senate passed on Thursday. The package's future now rests in the hands of the House, which is expected to follow suit Friday. President Joe Biden is expected to sign the bill into law shortly after.