Some 401(k) plans allow investors age 59½ to take a non-hardship 401(k) withdrawal, providing the option to transfer savings to an IRA without penalty.
Challenges can emerge for investors who have not planned for the impact of taxes on retirement income.
Some tax proposals introduced by the Democratic presidential campaign may cause changes to retirement savings accounts.
The SECURE Act introduced an anti-abuse rule to prevent benefiting twice from taking IRA distributions and QCDs.
The passage of this landmark legislation represents the most significant changes to the retirement industry since the Pension Protection Act (PPA) of 2006.
Many small business owners may not realize that Internal Revenue Service offers a tax credit for the costs of establishing workplace retirement plans.