Posted on November 09, 2023 by
Jeffrey Mutnik
Certain non-spouse beneficiaries of inherited IRAs will need to begin taking annual RMDs from those accounts beginning in 2024 to satisfy the SECURE Act’s 10-year rule, which requires the liquidation of those accounts within 10 years of the original owner’s death. While the law eliminating stretch IRAs was passed in 2019, the IRS has since […]
Posted on February 07, 2023 by
Jonathan Kraes
Congress closed out 2022 with the passage of a $1.7 trillion spending bill that, among other things, ushers in new rules and regulations intended to help more Americans save for retirement. Following is a brief overview of some of the more significant changes individual taxpayers should prepare for beginning in 2023. Raises the Age for […]
Posted on December 08, 2022 by
Jack Winter
The IRS recently released its annual cost-of-living adjustments for retirement savers, increasing the annual limits participants can contribute to those plans in 2023. Employer-Sponsored Retirement Plans The maximum amount you may contribute via salary deferral to an employer-sponsored 401(k) or 403(b) retirement savings plan in 2023 is $22,500, up from $20,500 last year. If you […]
Posted on August 13, 2021 by
Jeffrey Mutnik
Employer-sponsored 401(k) plans are excellent vehicles for individuals to save for retirement during their prime earning years. Annual contributions made today with pretax dollars grow tax-deferred until you reach retirement age, when the distributions you take are treated as taxable ordinary income. However, even if you are diligent and contribute the maximum allowable amount to […]
