Many of us contribute to IRAs, 401(k)s, or other tax-deferred retirement accounts. These accounts allow investors to contribute tax deductible dollars that will then grow tax-free, until withdrawals are taxed in retirement. To ensure that taxes are eventually paid on these funds, the IRS requires holders of tax-deferred accounts to take Required Minimum Distributions [...]
5 Proposed Changes to Retirement Savings Laws Under SECURE 2.0 By: Stacey Nickens You may have experienced changes to your retirement savings plan when the SECURE Act passed in 2019. Since then, lawmakers have continued to develop additional legislation with the hopes of making it easier to contribute to and withdraw from retirement savings [...]
The holidays can be both busy and expensive. With that in mind, it can be helpful to get your finances in order before you get wrapped up in gift buying and pie making. Use the next few weeks to lower your tax bill, save for retirement, and plan for your future health needs. 1. [...]
IRS Releases 2022 Retirement Account Contribution and Contribution Deduction Limits By: Margaret Nickens The IRS released the 2022 contribution limits and deduction income limits for IRAs, 401(k)s, and other retirement accounts. While there's some disappointing news in the batch, there's definitely some increases to celebrate. The Bad News The IRS is not increasing contribution [...]
How Different Forms of Retirement Income Get Taxed By: Stacey Nickens If you have reached retirement, congratulations! It is so beautiful to have more time to explore your hobbies, spend time with loved ones, relax, and travel. However, I never want my retired clients to be bogged down by financial worries. A surprise tax [...]
5 Strategies for Managing Your Employer-Sponsored Retirement Plan By: Stacey Nickens Pension plans have traditionally funded many American's retirements. However, pension plans are becoming increasingly uncommon. In their absence, more retirees are relying on 401(k)s, 403(b)s, or 457 plans. However, I often find that individuals do not take an active role in managing or reviewing [...]
Retirement Plan Notifications Now Digital By Default By: Stacey Nickens The Department of Labor issued a new rule that could impact how you receive information about your retirement plan. According to this new rule, a retirement plan provider can make digital information and notifications their default communication method. In other words, you may now have [...]
Q&A: I'm the owner of a small business. What retirement plan options do I have for my employees? By: Stacey Nickens There are three main retirement plan options for small business owners: SIMPLE IRAs, SEP IRAs, and 401(k)s. Let's review each of these plans and their rules. SIMPLE IRAs The Savings Incentive Match Plan [...]
You are considering quitting your job, but you aren't sure how to handle the funds in your employer-run 401(k) . Many opt to cash out, not realizing that doing so ensures 20 percent of your retirement savings are then lost to taxes and another 10 percent is taken as a penalty for cashing out early. [...]
April 1 is fast approaching, and if you turned 70 1/2 in 2014, you may want to mark this day on your calendar. Those who celebrated that pivotal half birthday last year have until April 1 to take their first "required minimum distribution" (RMD) from their retirement accounts. If you do not take the distribution, [...]
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