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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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2022 Tax Traps to Avoid

Tuesday, March 15, 2022
Christine Benz: Hi, I'm Christine Benz from Morningstar. We're coming into IRA season, and few people understand the ins and outs of IRAs as well as tax and retirement planning expert Ed Slott. He is here to discuss some mistakes and things to watch out for in the realm of IRAs. Ed, thank you so much for being here.

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Backdoor IRA Pitfalls to Avoid

Sunday, March 13, 2022
Christine Benz: Hi, I'm Christine Benz from Morningstar. The backdoor Roth IRA was reported to be on the chopping block, but it's lived to see another day. Joining me to discuss what you need to know if you're considering a backdoor Roth contribution is Ed Slott. He is a tax and retirement planning expert. Ed, thank you so much for being here.

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