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Crossmark's Fernandez: Buy on dips to position for recession in late '23

Sunday, June 12, 2022

Victoria Fernandez, chief market strategist at Crossmark Global Investments, says that a recession is coming, but it's not imminent due to the economy's underlying strengths, including active consumers, corporate balance sheets and the labor market. While waiting for a recession to arrive late next year, Fernandez says investors should be taking advantage of down days in the market to buy up names that are on sale and better balance a portfolio to get through trouble.

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Kiplinger's Personal Finance: Family finances: IRS proposes tougher rules for inherited IRAs

Friday, June 10, 2022
Managing an inherited IRA has never been easy, and it soon could become even more complex. The Setting Every Community Up for Retirement Enhancement Act, which took effect in 2020, requires adult children and other non-spouse heirs to deplete inherited IRAs and other tax-advantaged accounts within 10 years of the original owner’s death. Before, these heirs could take withdrawals over their life expectancy, which cut the size of annual withdrawals and allowed untapped assets to keep growing.

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You’re Never Too Young for a Roth I.R.A.

Thursday, June 9, 2022
Has your teenager landed a summer job? Good! Now, consider putting your child’s earnings to work long term by opening a Roth individual retirement account. It may seem odd to think about retirement savings when your child could still be wearing braces. But putting money now into a Roth I.R.A. means your child will have decades for the money to grow, tax free.

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Ed Slott: IRS’ Secure Act RMD Regs Are Effective Now; Here’s How to Proceed

Sunday, April 3, 2022

The IRS’ recently released proposed regulations on how to handle required minimum distributions under the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019 are effective now.

While the IRS’ recently released regs “are called ‘proposed’ regulations, they are not like proposed tax laws which are not effective until signed into law,” Ed Slott of Ed Slott & Co. told ThinkAdvisor in a recent email.

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The New Tax Playbook for Draining Your 401(k) in Retirement

Sunday, April 3, 2022
Putting money into a 401(k) is simple. Taking money out often requires an exit strategy. The tax breaks baked into retirement accounts don’t last forever. Retirees or their heirs eventually must start draining their balances by taking annual withdrawals known as required minimum distributions or RMDs, triggering tax bills.

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401(k) Savings Plans Get a Boost in Bipartisan Retirement Bill

Monday, March 28, 2022
Americans could stash more in their 401(k)s and sit on their nest eggs longer under a House bill that aims to boost individual retirement savings. The bill, passed Tuesday by a vote of 414 to 5, raises contribution limits for older workers, and lets companies offer employees a small cash bonus for signing up for the retirement plan. The bipartisan measure, which some are referring to as Secure Act 2.0, would build on retirement-policy changes enacted in 2019 that, among other things, raised the age people were required to start withdrawing money from retirement accounts to 72 from 70½.

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What Retirement Means for Your Taxes

Friday, March 25, 2022

If you dread tax day every year, here’s a bit of good news: Your tax burden probably will lighten when you retire.

You’ll still pay taxes on income you receive from sources that haven’t been taxed yet, such as 401(k) and individual retirement accounts or a defined benefit pension. Your Social Security benefits also may be taxed, depending on your income. And higher-income seniors pay surcharges on Medicare premiums that, while not technically taxes, certainly feel like it to retirees.

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