Tag Archive for: 401(k) plans

Great Savers Could Face A ‘Tax Time Bomb’ In Retirement, Advisor Says — Here’s How To Avoid It

Starting in 2023, Secure 2.0, a $1.7 trillion legislative package signed by President Joe Biden in December 2022, raised the age that savers must start taking required minimum distributions, or RMDs, to 73. RMDs are typically tied to pre-tax retirement accounts, which incur regular income taxes for withdrawals. Those RMDs could push some retirees into a higher tax bracket.
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The Biden Administration Finalized A Controversial New Retirement Rule — Here Are 5 Things You Need To Know Now

The Biden Administration has stepped in to give investors more protection from conflicts of interest. The recently finalized Retirement Security Rule is aimed at ensuring financial professionals actually work for the clients they serve. This rule isn't without controversy, though, as some argue it could actually make getting help harder.

Seven Ways To Reduce Taxable Income

Due to tiered tax brackets and a progressive tax system—the more you make, the more you might end up paying. But there are many ways to lower your taxable income—and ultimately—the amount of taxes you pay.

Three Tax Penalties That Can Cost You Thousands

It's easy to lose money to IRS penalties. But being aware of the rules, you can take steps to ensure you get to keep more of your hard-earned money. CLICK ON THE HEADLINE FOR MORE

Annuity Options May Be Coming To Your 401(k). Here’s Why

Despite bipartisan support, the Secure Act has idled in the Senate. But if the retirement legislation whose main goal is to expand access to retirement savings becomes law, your 401(k) plan might have a new look. .CLICK ON THE HEADLINE FOR MORE