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Search results for: SECURE Act

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A Wish List for the IRS Beneficiary RMD Final Regulations

After more than two years, we might actually be getting answers from the IRS on several important unanswered questions concerning RMDs for those who inherit IRAs or company plan accounts. Learn about the upcoming IRS Beneficiary RMD Final Regulations, changes from the SECURE Act, and how they impact your retirement account inheritance planning.

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SECURE 2.0's Biggest Mess

Section 327 changes the distribution rules for spouse beneficiaries of IRA (and workplace plan) account holders and is effective January 1, 2024. The result is that some of these beneficiaries will actually be in a worse position than they are in under the current rules.

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SECURE 2.0 Allows QCDs to CGAs

SECURE 2.0 expands qualified charitable distributions (QCDs) by allowing a one-time only QCD of up to $50,000 to a split-interest entity. As a result of this new rule, there is now a great opportunity to fund a charitable gift annuity (CGA) with a QCD.

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IRA Beneficiary Payout Rules - The Madness Continues

The lunacy of IRA beneficiary payout rules continues to boggle the mind. As I guide advisors through the options available to their clients, various nuances present one unique scenario after another. Did the original IRA owner pass away before or after the establishment of the SECURE Act? How old was the person when they died? Who was the beneficiary? Is this a successor beneficiary situation? Ultimately, by following the individual fact patterns, definitive answers materialize.

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Social Security: Don't Believe the Hype

It’s that time again, when the federal government reports on the fiscal state of Social Security (headed toward zero) and also estimates the cost-of-living adjustments (COLAs) for next year. Last year, retirees got a 9% raise, but were told the program would be insolvent by 2033. This year, retirees should receive around a 3% raise, and the program is still on the way to financial oblivion.

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The 3 IRA Beneficiary Categories - Again and Again and Again

There are numerous articles referring to “eligible designated beneficiaries” (EDBs), “non-eligible designated beneficiaries” (NEDBs), and “non-designated beneficiaries” (NDBs). As a basic refresher, the three SECURE Act IRA beneficiary categories (and their applicable payout rules), are as follows.

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Mandatory Roth Catch-Up Contributions Required for 2024

Beginning in 2024, SECURE 2.0 requires that certain high-paid 401(k) participants who want to make catch-ups must make them on a Roth basis. This means that the contributions will be made on after-tax pay, but the contributions and associated earnings can be distributed tax free if certain conditions are met.

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Jonesing for Congress to Act

When the Jones Act was enacted, it was thought that it would encourage U.S. shipbuilding. But with the increased import of LNG, no ships qualify under the Jones Act, leaving the U.S. completely out of this precious resource.

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How To Jump Into January with Smart IRA Moves as RMDs Return for 2021

Required minimum distributions (RMDs) from retirement accounts were suspended in 2020, as part of the federal government’s effort to keep the economy afloat despite medical and financial turmoil. Now they’re back, so most people who are 72 or older in 2021 will have to take at least as much as IRS tables dictate from their retirement accounts this year, and pay the resulting tax. Many IRA owners delay RMDs until yearend, but there are good reasons to act sooner rather than later.

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