State mandates drive business owners to explore retirement plans
With more states requiring workplace savings plans it may be an opportune time for businesses to establish their own retirement plans now.
With more states requiring workplace savings plans it may be an opportune time for businesses to establish their own retirement plans now.
The SECURE 2.0 Act, signed into law in late 2022, was a follow-up to the original SECURE Act passed in 2019. The bill included more than 90 different provisions scheduled to be phased in over several years. SECURE 2.0 introduced wide ranging changes to employer-sponsored retirement plans as well as IRAs. For 2024, there are
Although the Treasury Department issued proposed regulations for the new 10-year rule in February 2022, heirs are still waiting for final clarification.
With the April 18, 2023 tax-filing deadline approaching, it’s not too late to consider some strategies that could reduce taxable income. Investors may want to consult with an advisor who understands their individual financial situation before taking advantage of these strategies. Contribute to an individual retirement account (IRA). Taxpayers may make a tax-deductible contribution prior
SECURE 2.0 provides tax credits for smaller businesses to establish workplace retirement plans.
Tax credits for start-up retirement plans, Roth strategies and easing rules around RMDs were among the top advisor questions about SECURE 2.0.
Beginning in 2024, the SECURE Act allows unused funds from a college savings plan to be transferred to a Roth IRA in a form of backdoor Roth strategy.
The SECURE 2.0 Act seeks to enhance retirement savings and will likely impact a variety of retirement planning and tax strategies.
SECURE 2.0 garnered significant bipartisan support in Congress and expands on the goals of the 2019 bill to help people save more for retirement.
Senate passage of the EARN Act moves retirement reform legislation closer to a vote before both chambers of Congress.