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Proposed IRS Rule Could Penalize Some Heirs of Retirement Accounts

Saturday, May 7, 2022

Proposed new regulations from the Internal Revenue Service for inherited retirement accounts would require many heirs to make minimum annual withdrawals from the accounts—leaving less room for the savings to grow tax-deferred over the years.

The new rules would provide guidance to the Secure Act of 2019, which made several changes to laws governing retirement accounts.

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RetirementRevised: Taxes in retirement: A conversation with Ed Slott on Apple Podcasts

Wednesday, April 6, 2022
Ed likes to say that taxes don’t stop in retirement - they’re really just getting started. I’d say he’s right about that insofar as higher income retirees go - you’ll be paying taxes on part of your Social Security, and probably surcharges on Medicare premiums. Those aren’t technically taxes, but they sure feel like it when you’re paying them. Drawdowns from tax-deferred IRAs and 401ks are taxed as ordinary income…and possibly at high rates.

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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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