SECURE 2.0 improves Roth retirement options, including allowing employer matching contributions direct to a Roth retirement plan and delays Required Minimum Distributions (RMDs) for many. On December 29, 2022, as part of the omnibus spending bill, President Biden signed into law the SECURE 2.0 Act of 2022 (SECURE 2.0). The law contains significant changes to
Retirement
Has SECURE 2.0 been over-hyped? Or will it prove to be a game-changer? Financial professionals are split on the issue. But there’s one thing for sure: there are a few things you can expect to take advantage of sooner than you think. Much has been made of the ability to create a “Backdoor” Child IRA
While there is no chance the federal government will enact long-term care financing reform any time soon, several states are busy developing public insurance programs of their own. These initiatives could be a critical step as the nation wrestles with how to pay for personal care for older adults and others with disabilities or chronic
Mike Tyson famously said “everyone has a plan until they get punched in the mouth.” Unfortunately, this can be as true when it comes to retirement planning as it is in boxing. Here are some ways LIFE can get in the way of even the best laid plans and what you can do about it:
SECURE 2.0 was part of the Consolidated Appropriations Act, 2023. It introduces a significant number of changes to contributions, simplicity of participation, and the date for beginning Required Minimum Distributions (RMD). However, one interesting twist is a provision that allows a 529 education plan to be rolled into a Roth. Aside from a great opportunity
Many people often wait until December to withdraw their required minimum distribution (RMD) from their IRAs and 401(k) accounts. While that may have worked for them in prior years, 2022 offered a hard lesson in why it may be better to be more proactive. Background The IRS requires certain retirees to withdraw minimum amounts each
Share to Facebook Share to Twitter Share to Linkedin Inflation plus rising interest rates on your variable debt may be putting the squeeze on your budget. There are two ways out of that problem: Lower your spending or raise your income. If you have cash available to invest, high-yield dividend stocks can be a nice
Data security has been increased for tax returns, credit cards, and other traditional targets of cyber thieves. Now, the online thieves are making sophisticated attacks on employer retirement plans and the accounts in the plans. Data security at retirement plans varies, and the security can be breached several different ways. The cyber thieves probe to
The path to retirement can be long. The early years are often focused on meeting expenses and beginning to set aside as much retirement savings as possible. Then the middle years bring an increased focus on minimizing expenses and growing retirement and nonretirement assets. As one gets closer to retirement, that focus often changes once
Here at AgingParents.com, we hear just about every age-related problem you can think of. Families bring up issues about cognitive decline most often. We’re in the advice business for families of elders. When I first learned of a minority group using its common ground with ethnically related elders as a particularly slimy way to steal