Retirees Get Relief in Senate Coronavirus Stimulus Package
The Senate’s $2 trillion coronavirus-relief bill that passed Wednesday night includes breaks for Americans whose retirement accounts have been battered by the stock-market meltdown.
The House of Representatives is expected to pass the package on Friday.Treasury Secretary Steven Mnuchin said President Trump would sign the package as it was written Wednesday.
Provisions in the Senate legislation raise the limits on 401(k) loans and loosen the rules on hardship distributions from retirement accounts
A Strategy for Taking Advantage of the Market Meltdown
The market’s recent plunge has been brutal.
But for people with traditional individual retirement accounts, the silver lining is that today’s lower account balances can be used to reduce income-tax bills in retirement.
The key is a strategy known as the Roth conversion.This allows account owners to transfer some or all of the money in a tax-deferred IRA to a Roth IRA, a retirement account into which you contribute after-tax dollars and get tax-free withdrawals.
Roth IRA: A No-Brainer for Younger Investors?
The Roth IRA, which turned 20 years old this month, can be especially beneficial to younger investors and offers features different from traditional IRAs.Retirement expert Ed Slott explains the pros and cons of investing in a Roth IRA.
Making a Living as a Freelancer? Here’s How to Save for Retirement
From Roth IRAs to solo 401(k)s to SEP IRAs, workers who are self-employed have options when it comes to saving for the future
What Trump Taxes Could Mean For You
With Donald Trump claiming he wants to lower the top income tax rate, financial expert Ed Slott talks the potential changes in store, and what they could mean for you and your taxes.
Everything You Need to Know About Required 401(k) and IRA Withdrawals
Required minimum distributions can be confusing.Here are smart ways to go about it.
Everything You Need to Know About Required 401(k) and IRA Withdrawals
Required minimum distributions can be confusing.Here are smart ways to go about it.