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The Secure Act changes the way people will inherit money — are you hit by the new rules?
The new legislation eliminated the ‘stretch IRA’ provision, but not everyone is impacted Getty Images/iStockphotoFuture beneficiaries of retirement accounts have different rules than current inheritors. The Secure Act, which was signed earlier this month, changes the way beneficiaries will receive money from inherited retirement accounts, but not everyone is in danger of a big tax…
Read MoreTop Retirement Savings Tips for 55-to-64-Year-Olds
There’s still time to give your savings a good boost before you retire If you’re between 55 and 64 years old, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically.…
Read MoreSpending Bill Includes Seismic Retirement Changes, Curtails Stretch IRAs
GETTY The just-released, 1,773-page, $1.4 trillion 2020 spending bill means many Americans will be rewriting their retirement plans—if the budget gets signed into law before the holidays as expected. It includes the SECURE Act—Setting Every Community Up for Retirement Enhancement Act of 2019—which passed in the House 417-3 in May but stalled in the Senate. Basically, the…
Read MoreHow to Use the HSA, for Medical or Retirement Savings
Health savings accounts offer a unique triple tax advantage The health savings account, or HSA, can be a powerful savings tool—if you approach it the right way. These accounts, which Congress authorized in 2003, are more than just a simple savings tool for medical emergencies. Retirement planners laud the HSA’s triple tax advantage and its…
Read MoreYou might not own all of the money in your 401(k)
You might not own all of the money in your 401(k)—here’s how to find out Financial advisors make a big deal of encouraging millennials to invest in company-sponsored retirement accounts — especially if your employer offers to match a percentage of your contribution. There’s a lot of talk of “maxing your match” and don’t leave “free money…
Read MoreHow much you’ll need to save monthly to retire with $5 million
Five-million dollars sounds like a lot of money. And for the 22% of Americans who say they have less than $5,000 set aside for retirement, saving that much may seem like an impossible goal. But what if you could retire with $5 million by the time you were 67? The good news is that it is…
Read MoreHow to Take Advantage of 401(k) Catch-Up Contributions :usnews.com
The 401(k) Catch-Up Contribution Limit for 2019 WHEN YOU TURN 50, YOU become eligible to contribute more money to your 401(k) plan. The tax deduction you can claim on these catch-up contributions could save you over $1,000 on your annual tax bill. Here’s how to take advantage of 401(k) catch-up contributions: Workers can defer paying income tax on…
Read More5 Sources of Retirement Income That Aren’t Taxable
Keep more of your money during your golden years by incorporating these into your retirement plan. Just as taxes are a huge burden for working Americans, they can also be a drain on seniors’ limited resources. If you’re worried about affording your golden years, it pays to set yourself up with a number of income…
Read More7 retirement saving mistakes financial advisers see too often
Saving for retirement is confusing – it’s no surprise we make mistakes along the way. Luckily, there are strategies to get back on track. Below, financial planners share the most common mistakes, and how they help their clients recover. 1. Failing to create a plan A retirement plan is one of the best ways to…
Read MoreShould You Convert Your 401k to a ROTH IRA?
Should you convert your IRA or 401k to a Roth IRA? You may have a traditional IRA or 401k that allows you to make tax-free contributions, but you will have to pay taxes on that money when you make withdrawals in retirement. You could avoid paying potentially high tax rates on your money by…
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