Skip to content
myGPS Login
Required Minimum Distribution
RMDs: An IRS Change is Making Them Smaller in 2022
The way you calculate your required minimum distribution just changed, and if you don’t need the money for living expenses, that could be good news for you. Here’s why. Making a decision regarding your required minimum distribution (RMD) may seem like a tall order, but this article by Kiplinger helps to alleviate some of the…
Read MoreNew Standard Deduction And Higher New Tax Brackets For 2022
Higher tax brackets and a larger standard deduction in 2022 may offer some relief for taxpayers who are seeing their budgets busted by inflation. The IRS has announced new standard deductions and new tax brackets for 2022, reflecting higher price levels thanks in part to inflation. Top Tax Bracket for 2022 While the top federal…
Read MoreThree Reasons To Take Your RMDs Now
Now that the 2020 is over, remorse may set in and you may be left wondering if you should have done something different to save taxes. A common question I hear is whether it make sense for retirees to take their required minimum distributions (RMDs) now or if they should save taxes by taking them…
Read MoreThree Reasons To Take Your RMDs Now
Now that the 2020 is over, remorse may set in and you may be left wondering if you should have done something different to save taxes. A common question I hear is whether it makes sense for retirees to take their required minimum distributions (RMDs) now or if they should save taxes by taking them…
Read MoreThe Return of RMDs and Other Retirement Considerations You Should Know for 2021
With the pandemic still raging but the promise of the vaccine in reach, many retirees are enthusiastically shoving 2020 aside and retooling for 2021. Here are some retirement-related matters to consider in the year ahead. Don’t Forget RMDs The Secure Act, passed in late 2019, boosted the age at which people must take required minimum…
Read MoreIRS Reduces Future Required Minimum Distributions Just A Little
The IRS recently issued proposed regulations that will reduce required minimum distributions (RMDs) on IRAs, other qualified retirement plans, and annuities. It’s a small help for retirement account owners who don’t need all the money they’re required to take from their plans each year. Most owners of IRAs and other qualified retirement plans who turn…
Read MoreThree Alternatives To The Stretch IRA
GETTY At the end of 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed with dual purpose. The foremost focus of the act was to bolster retirement security throughout the country by providing broader access to retirement accounts. While that aspect of the SECURE Act is modest in magnitude, the second…
Read MoreIRS retirement plan distribution repayment deadline approaching
Rolling over plan distributions can help defer tax payments Retirement savers looking to take advantage of a provision that relieves certain people of taking required minimum distributions this year need to take action by the end of the month. The CARES Act allowed individuals to skip taking their required minimum distribution in 2020, but some people may have…
Read MoreWednesday Q&A: Is borrowing from my 401(k) considered a loan because of Coronavirus?
Is borrowing from my 401(k) considered a loan because of Coronavirus? Gregory explains the rules and waving of fees for borrowing from a 401(k) or IRA for financial relief due to Covid19. If you would like to submit a question that may be featured on the Wednesday Q&A, use the form below! We’re Here to…
Read MoreIf you didn’t save as much for retirement as you wanted last year, you have until July 15 to make contributions
Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. The federal tax deadline is July 15, which means there’s more time to contribute retirement savings to…
Read More