The long-awaited Setting Every Community Up for Retirement Enhancement (SECURE) Act has been passed by Congress and signed by President Trump – and several of its many provisions affecting 401(k)s, IRAs, annuities and more take effect as soon as 2020 begins. So what are the new rules of retirement saving? Today’s article outlines some of the most important provisions of…
It may be a nice problem to have as a retiree, but it’s still a problem: what do you do with your required minimum distributions (RMDs) from your retirement accounts – which, as their name indicates, are required – if you don’t need the money for living expenses? Today’s article outlines a number of strategies, from QCDs to QLACs, to…
Required minimum distributions from retirement accounts are generally unavoidable for retirees – unless they want to incur a substantial penalty for not taking them. For those who don’t need the money (or the tax bill), this can lead to resenting RMDs. Today’s article, however, outlines how, rather than being a necessary evil, RMDs can actually serve as an opportunity to…
December 31st is the deadline for those over age 70½ with tax-deferred retirement accounts to take their required minimum distributions (RMDs) and, after outlining the rules relating to RMDs (such as that hefty 50% penalty the IRS imposes on those who fail to take their distributions on time), today’s article provides some tips for taking RMDs. When – if ever…