retirement savings – Putnam Wealth Management

Seven year-end planning ideas for retirement savings

There are several planning ideas for retirement savings at year end that may help taxpayers avoid costly mistakes and improve tax efficiency.

An asset protection strategy should be part of any financial plan to protect assets from creditors and litigation.

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

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

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

A new retirement bill, known as Secure 2.0, recently passed a key House committee and will be considered by the full House at some point.

Some tax proposals introduced by the Democratic presidential campaign may cause changes to retirement savings accounts.

While major legislation is unlikely to be passed during an election year, some smaller-scale bills to help savers could be advanced.

An HSA (Health Savings Account) may offer certain investors tax-advantaged savings for future health costs in retirement.

Creditor risk, which may be overlooked by investors, can erode retirement savings, particularly in an IRA account.