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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.

What Retirement Means for Your Taxes

News & Press

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.

There’s Still Time to Contribute to an IRA or an Hsa for 2021. Why It Makes Sense to Do So Now

News & Press

Tuesday, March 15, 2022

If you didn’t put the maximum amount of money into an individual retirement account or health savings account last year, you still have about one month to do so for 2021. The deadline for 2021 contributions is April 18, 2022, the same day individual tax returns are due.

2022 Tax Traps to Avoid

News & Press

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.

Backdoor IRA Pitfalls to Avoid

News & Press

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.

New Tax Rules Force Faster Payouts for Some IRA Holders

News & Press

Thursday, March 10, 2022

It used to be that Americans with tax-favored retirement plans focused mainly on how to get money into them. Now, savers are more and more concerned with when and how much must be withdrawn—including at death or after.

Required Minimum Distribution Confusion in 2022

News & Press

Tuesday, March 8, 2022

Christine Benz: Hi, I'm Christine Benz from Morningstar. Required minimum distributions have gotten a little bit trickier in 2022. Joining me to discuss what you need to know is tax and retirement planning expert, Ed Slott.

Tax Season with Ed Slott Part Two

News & Press

Saturday, March 5, 2022

With tax season heating up, and Build Back Better twisting in the wind, it's a perfect time to chat with the one and only Ed Slott, the ultimate tax guru and founder of IRA Help. We'll spend this weekend talking about tax prep, Roth IRAs, capital gains and more!