retirement savings – 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.

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.

Taxes

Whether saving for college, paying down debt, or planning for retirement there are many options for using your tax refund.

Small business owners and sole proprietors may find a SEP IRA helpful in establishing retirement savings.