Contributing Articles

Stop contributing to IRAs and 401(k)s

Contributing Articles

Monday, July 24, 2023

Stop contributing to your IRAs and 401(k)s? That has to be a typographical error. After all, traditional retirement planning has always preached maximizing contributions to tax-deferred individual retirement accounts and 401(k)s to build retirement savings.

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IRS provides limited RMD relief

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Wednesday, July 19, 2023

Once again, due to ongoing confusion about required minimum distributions, the IRS has found it necessary to give limited relief to both IRA owners and beneficiaries. The relief was contained in Notice 2023-54, issued Friday.

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Proposed IRS Rule Could Penalize Some Heirs of Retirement Accounts

Contributing Articles

Saturday, May 07, 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

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Thursday, April 07, 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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Prep Your Clients for 2 Bills That Could Change IRAs in 2022

Contributing Articles

Wednesday, December 22, 2021

IRA legislation will not happen in 2021, and the IRA parts of the Build Back Better Act (BBB) may not happen in 2022 if the legislation remains stalled in Congress.But other retirement-related bills may have a better chance of becoming law.

So advisors should still share retirement tax planning strategies with clients in 2022, based on the current tax structure and what might be in the works.

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