Retirement/Income – Putnam Wealth Management

Senate vote moves retirement reform one step closer to the finish line

Senate passage of the EARN Act moves retirement reform legislation closer to a vote before both chambers of Congress.

Beginning in July, advisors and firms must follow new rollover rules issued by the Department of Labor.

Following House passage of the retirement reform bill known as SECURE 2.0, the next stop to advance this comprehensive bill will be in the Senate.

While many retirees know the basics of RMDs there are many aspects of the process that may not be fully understood.

The House passed SECURE 2.0 that expands on landmark retirement legislation enacted in 2019.

The IRS is proposing new rules for retirement account distributions including changes to the requirements of the 10-year rule for heirs.

Saving for retirement may be challenging but planning for retirement income can be even more complex.

New life expectancy table mean RMDs on inherited accounts will be reduced this year.

The Treasury Department updated the life expectancy projections used to calculate RMDs which may allow retirees to keep more savings longer.

The COLA adjustment is one of several key changes for Social Security for 2022.