What’s New in SECURE 2.0 Act of 2022?
In the dark of the night, snuggled within the 4,000+ page Omnibus Bill meant to keep the machine of government well-oiled, lies a passage that may change the future of retirement saving.
Can You Catch-up? IRS Increases Contributions Limits
If you find that you have fallen behind in your retirement savings, you are not alone. Investment advisor Vanguard reported recently that only 14% of 401(k) participants contributed the maximum amount annually, and only 16% of eligible employees 50+ made additional catch-up contributions.
IRA Inheritance Changes
The IRS is weighing a change that could leave your heirs poorer than you might hope.
RMD Formula Changes for First Time in 20 Years
The IRS has good news for retirees: you can now keep more money in your tax-deferred retirement accounts thanks to lower required minimum distributions (RMDs).
Don’t Delay Updating Your Estate Plan
Changes in tax law and in your personal life may mean that yours needs to be updated. Here are the easiest (and smartest) ways to do it.
Do Most People Need a Living Trust?
If you’re putting together an estate plan, you have no doubt heard about the benefits of a living trust.
Can Estate Planning Reduce Taxes?
Once more hesitant to plan ahead, clients in today’s environment are much more proactive and willing to take action in the near term, rather than waiting and risking having to pay higher taxes down the line.
New Bill Could Make Long-Term Care Insurance More Affordable
Legislation introduced last week in the House of Representatives would reform the tax code in an effort to make long-term care insurance more affordable and accessible for older adults.
When Do I Need to Review My Will?
Whether you drew up a will recently or years ago, keep in mind it’s generally not something you can set and forget.
Will Moving to a New State Impact My Estate Planning?
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
