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Search results for: Social Security

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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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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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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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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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