5 Steps for Handling an Unexpected Tax Bill
Getting stuck with an unexpected tax bill can be stressful and unsettling. Here are five ways to reduce your tax bill to a more manageable size.
Secure Act 2.0: Everything You Need To Know About
he Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. Nearly three years to the day after the passage of the Secure Act, Congress has passed the Secure Act 2.0.
Secure Act 2.0 Overview
On December 23, 2022, the Secure Act 2.0 was passed by Congress and signed into law on December 29. This legislation provides a slate of changes that could help strengthen the retirement system and builds on earlier legislation passed in 2019 called the Secure Act.
Make These Smart EOY Moves NOW!
With 2022 rapidly coming to a close, there are things you can be doing right now to make smart moves with your money. Here are some strategies and tips to help you make great year end money moves.
2023 Contribution Limits Have Changed
With inflation taking a toll on everyone, it’s hard to find anything good about it. We finally have a silver lining! The 2023 retirement plan contribution limits have been announced and they have all gone up dramatically, in large part because of the inflationary effect. For those of you who are still working, this is a good opportunity to take advantage of your opportunity to save more money towards retirement as well as your health savings accounts.
What is a QLAC? How can it help me save money on taxes and make my money last longer?
A qualified longevity annuity contract, or QLAC is an annuity you purchase from an insurance company using money (from your IRA or other qualified retirement plan such as a 401(k). A QLAC provides guaranteed monthly payments until death and avoids the volatility in the stock market. So long as the QLAC follows the IRS rules, it is exempt from the Required Minimum Distribution (RMD) rules until income stream begins. Purchasing a QLAC lowers your RMD’s which must begin at age 72 and reduces your tax bill in the years prior to the commencement of annuity payments from the QLAC.