Page 58 - Secure Act News Today

What You Need to Know Secure 2.0 increases the RMD age to 73 starting on Jan. 1, 2022, to 74 starting on Jan. 1, 2029, and to 75 starting on Jan. 1, 2032. According to IRS data, 80% of people who take the RMD amount or more do so because they need the money, says retirement expert Ed Slott. The Federal Reserve says the average 64-74 year old has $358,000 saved for retirement, with the median amount at $126,000. The House Ways and Means Committee’s recent passage of the Securing a Strong Reti...

New Retirement Bill Would Help Savers of All Ages New Retirement Bill Would Help Savers of All Ages With bipartisan support, this bill could help millions of workers and retirees boost or conserve their retirement savings. Photo by Spotmatik Ltd / Shutterstock.com Americans may soon enjoy greater access to retirement plans and could be able to delay withdrawing their savings, thanks to new legislation advancing through Congress. “We are now one step closer to improving Americans’ financial ...

What You Need to Know Jamie Cox weighs in on the 146-page package, which raises the RMD age and a whole lot more. Those making catch-up contributions to retirement plans will have to do so on a Roth basis, he says, which has pros and cons. But theres reduced tax penalty for those who fail to take an RMD. The Securing a Strong Retirement Act of 2021 passed the House Ways and Means Committee on Wednesday. While it has a long way to go in the legislative process, the bill, dubbed the Secure Act 2....

Retirement Enhancement Package Moves Out of Committee With Bipartisan Support The House Ways and Means Committee approved a bipartisan package aimed at strengthening Americans’ retirement security. The package, the Secure Act of 2021, also called Secure 2.0, was co-sponsored by Ways and Means Chairman Richard Neal (D-Mass.) and ranking member Kevin Brady (R-Texas) and includes dozens of provisions that build on a retirement law from 2019. “The retirement crisis in America is real and wi...

House committee to consider Secure 2.0 retirement bill this week. Heres whats in it CNBC 5 hrs ago Sarah OBrien Among other provisions, the bill would change when required minimum distributions must start, to age 75 from 72. The measure also would increase the allowed "catch-up" contributions to retirement plans for people ages 62 through 64. If the bill is voted out of committee, it would head to the full House for a floor vote at some point. © Provided by CNBC House Ways ...

Among the provisions included in the new bill, which is similar to a version floated last year by Neal and Brady, is gradually increasing the age when individuals must begin taking required minimum distributions from their retirement accounts to age 75 from 72 (the Secure Act changed it to 72 from 70½) and requiring most companies that open a new 401(k) plan (or similar workplace option) to automatically enroll their employees. "Weve learned over time … that people who are auto-enrolled are ...

Venezuelan groups call on Florida Republican senators to back bill on citizenship Carmen Sesin © Provided by NBC News MIAMI — More than two dozen advocacy groups are calling on Sens. Marco Rubio and Rick Scott, both Florida Republicans, to co-sponsor a bill that would put qualified Venezuelan Americans on the road to citizenship. The bill would allow temporary protected status (TPS) recipients to apply for legal permanent residency.  The Safe Environment from Countries Unde...

With the passage of the Secure Act in December of 2019, most non-spouse beneficiaries of retirement accounts lost the ability to stretch the plan benefit over their lifetimes and defer the payment of income taxes on the distributions.

The Importance of Checking Beneficiaries for Spousal Inheritance of Retirement Assets Without a proper IRA beneficiary designation, surviving spouses may face significant tax bills. Author: By Bill Harris, RMA® For married couples, checking the status of beneficiary designations on your retirement accounts may seem like a small detail, but failure to do so has potentially far-reaching and expensive implications. Bill Harris, RMA Mary’s husband passed away and she contacted her financial adv...

by Gerald E. Scorse / March 7th, 2021 More than a generation ago, a bipartisan Congress added a clever new twist to tax breaks for the rich. It created a long, drawn-out tax break for rich retirees—and these days it’s getting even longer. Not even the pandemic could interfere. On the contrary, it gave lawmakers an extra opportunity to tip the scale in favor of the upscale. They tipped it only months before the virus. They slipped a special, rich-retiree giveaway into the first pandemic reli...