Tag Archive for: secure 2.0 act

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Moving Retirement Money Could Soon Get Easier Under New IRS Guidance

The IRS is proposing a more standardized way to move retirement savings between employer-sponsored plans and IRAs, potentially reducing paperwork and uncertainty for workers changing jobs or consolidating accounts. But one important element of the new rollover process could make a meaningful difference for plan participants and administrators.

401(k) Hardship Withdrawals Are At Record Highs: What They Really Cost You

Financial experts warn that while 401(k) hardship withdrawals can provide emergency access to funds, they often come at a high cost. Alternatives such as 401(k) loans, credit cards, or home equity financing may be less damaging in the long run.

Major 401(k) Tax Break For Certain Earners Is Coming To An End

The IRS has issued final regulations for a 2022 law, which will require high-earning workers aged 50 and up to make pre-tax catch-up contributions.

New 529 Plan Rules Let Gen Z Fund Careers—Not Just College

Thanks to recent legislation, especially the One Big Beautiful Bill Act, 529 funds can support a much broader range of education and career paths—reflecting how Gen Z is redefining learning and work.

This Charitable Giving Strategy ‘Almost Always’ Provides The Biggest Tax Break, Advisor Says

Qualified charitable distributions, or QCDs, are direct transfers from an individual retirement account to a non-profit organization. Additionally, retirees can give more in 2024, according to the IRS. Financial experts say this is a key move to maximize a tax break.

Average 401(k) Balance by Age In 2024: Benchmarking Your Retirement Savings

A 401(k), 403(b), or other retirement plan is more than a savings account. Retirement savings plans are a wealth-building tool to ensure a comfortable, secure, and stress-free retirement. By understanding how age, income, and gender impact your retirement savings, you can make better-informed decisions that align with your demographic and investment goals.