If your New Year’s resolutions included increasing your retirement savings efforts in 2024, there are a few changes to rules about IRAs, 401(k)s, and even 529 College Savings Plans you’ll want to know about. Contribution limits for 2024 have gone up. Annual contributions for IRAS in 2024 are now $7,000, up from $6,500 in 2023. […]
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IRS Actuarial Tables Updated, Retirees Can Keep More in their IRAs
It has been 20 years since the IRS last updated its actuarial tables – the ones used to indicate how much taxpayers must take from their retirement accounts. For the first time in many years, retirees can keep more money in their tax-deferred accounts starting at age 72. The new tables reflect a longer lifespan, […]
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Are You Ready for the SECURE Act’s Next Act? SECURE 2.0 Update
The latest version of SECURE Act 2.0, Securing a Strong Retirement Act of 2022, made it through the House of Representatives on March 29. Next is getting through the Senate, which is expected soon. Once it does, and after President Biden signs the bill into law, here’s what will change: Employees will be automatically enrolled […]
Continue reading…The House passed “SECURE 2.0’ on March 29 – Now It’s Up To the Senate
The other day, we sent out information about the SECURE Act and your estate plan. Now the law is on the verge of changing again. The Securing a Strong Retirement Act (H.R. 2954), known as the SECURE Act 2.0, was approved in the House on March 29 with the most bipartisan approval in recent memory […]
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Should You Change Your Estate Plan Because of the SECURE Act?
Here’s another reason estate planning is not a one-and-done event. For most people, life is constantly changing. But the laws around estate and tax planning are also changing. Starting in 2022, a new rule, part of the SECURE Act of 2019, may affect estate plans from 2022, especially for those beneficiaries of an IRA or […]
Continue reading…SECURE Act Presents Hurdles for IRA Owners’ Estate Plans
Passing the SECURE Act on December 19, 2019, has changed how retirement account distributions must be made. Congress’ timing made it impossible for professionals to comply with the new law before its effective date of January 1, 2020. By passing the SECURE Act, the IRS changed the definition of a Designated Beneficiary for IRA and […]
Continue reading…The SECURE Act – What You Need to Know
While most of Washington is otherwise occupied, seven Republican Senators sent a letter to Senate Majority Leader Mitch McConnell, urging prompt passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement). The SECURE Act passed the House of Representatives with strong bipartisan support in May by a vote of 417 to 3. The […]
Continue reading…Good News and Bad News About the SECURE Act
On May 23, 2019, the U.S. House of Representatives passed a bill that would significantly change estate planning for retirement benefits from qualified plans and IRAs. It also contains provisions that impact Elder Law planning. The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) received overwhelming support in the House, […]
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