The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.
Tag: retirement
Retiring soon? Recent law changes may have an impact on your retirement savings
Saving for retirement can help make your future brighter. Recent tax law changes might allow you to save more with your IRA or retirement plan.
DOL Final Rule on Association Retirement Plans (ARPs) Benefiting Small and Mid-size Businesses
According to a 2018 study by the U.S. Bureau of Labor Statistics, “approximately 38 million private-sector employees in the United States do not have access to a retirement savings plan through their employers.” On July 29, 2019, the U.S. Department of Labor announced a new rule that allows small and mid-size businesses to gain access[ … ]
Taking distributions from your traditional IRA
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family[ … ]
You may have to pay tax on Social Security benefits
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your[ … ]
Thinking about moving to another state in retirement? Don’t forget about taxes
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It[ … ]
You may be able to save more for retirement in 2019
Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs:[ … ]
