A new law increasing the age you must withdraw from your retirement accounts may come with some unexpected and expensive consequences.
Retirement legislation President Biden inked in December pushes the age that retirees must start taking required minimum distributions, or RMDs, from IRAs, 401(k)s, and 403(b) plans, to 73 this year, up from 72.That will bump up higher to age 75 in 2033
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Inflation is driving higher limits on retirement plan contributions this year, but it’s also lifting the amount of income that’s subject to Social Security tax.
Unless you hold some niche investments, the value of your portfolio is likely down at the moment.The S&P 500 has surrendered about 18% over the past 12 months, and the broad bond market hasn’t done much better, having lost 13%.
A major new retirement law has been enacted, the second big one in little more than three years.Like movie sequels, this one has all the makings of a blockbuster.
The Secure 2.0 Act will allow Americans to save more money in tax-sheltered workplace retirement accounts, make the saving process easier through automatic enrollment, provide new incentives, delay the time when withdrawals must begin and set in motion other important changes.
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.
