President Biden signed the Secure Act 2.0 after passage by both the House and Senate.That long-discussed package of changes to retirement savings rules aims to make it easier for Americans to build retirement savings and less costly to withdraw those savings.
Congress is on the verge of passing a bill that aims to help Americans save more for retirement and leave their retirement savings untouched and untaxed for longer.
The bill nearing approval raises the age people are required to start withdrawing money from tax-deferred retirement accounts to 75 from 72.It increases retirement savings contribution limits for older workers and provides an increased incentive to people with low and moderate incomes to save in retirement accounts
Big changes are likely coming for Americans' retirement savings. The changes, part of the Secure Act 2.0, were included in the sweeping end-of-year $1.7 trillion spending bill the Senate passed on Thursday. The package's future now rests in the hands of the House, which is expected to follow suit Friday.President Joe Biden is expected to sign the bill into law shortly after.
Tax and IRA expert Ed Slott shares tips for earning a tax break on charitable contributions.
Tax and IRA expert Ed Slott discusses the benefits of selling depreciated securities, along with must-knows about the wash-sale rule and cost-basis elections.
Tax and IRA expert Ed Slott says that people taking required minimum distributions may have a bit of sticker shock this year.
Tax and IRA expert Ed Slott on when conversions can result in the greatest tax savings—and what to know before you execute them.
What do I need to rock my financial life before year end?You’re in luck because we’re bringing in the “A” team, with great advice from two titans: Barbara Corcoran and Ed Slott
Millions of retirees will get friendly reminders from their banks and brokerages in coming weeks to take required withdrawals from their 401(k)s or other retirement accounts by the end of the year.
The annual ritual might feel particularly painful this time, with the S&P 500 down nearly 25% for the year through September.Many retirees will have to withdraw and pay taxes on a bigger percentage of their nest eggs than they might prefer, because the formula for calculating the required minimum distribution, or RMD, is based on the account’s balance at the end of last December—before the markets sagged.
Florida residents who suffered financial losses from Hurricane Ian might be able to tap their retirement accounts to cover emergency expenses, a last resort more victims of natural disasters are using.
