For tax years beginning with 2020, the Setting Every Community Up for Retirement Enhancement Act, “The Secure Act” will help many individuals increase their retirement savings. It also includes other significant tax changes that will affect retirement income distribution amounts as well as tax and estate planning considerations. This article also covers who is affected and what has changed in some specific areas of interest.
As employers move away from traditional defined benefit pension plans in favor of defined contribution plans, such as a 401(k), the number of companies choosing not to offer a pension plan or choosing to freeze their existing pension plan is increasing. If this happens to you, there are protections in place for participants and steps to take to help adjust your retirement savings strategy.
Rolling over a retirement account is a common transaction for individuals to make. However, costly mistakes during this process are common as well. If you are considering rolling over your retirement account, you will want to be aware of these common rollover mistakes to help avoid any unnecessary taxes and penalties.
The solo 401(k) is a qualified retirement plan specifically designed for a business owner with no full-time employees other than the business owner and his or her spouse. For those who qualify, there are big benefits to this plan that may make you re-think a traditional retirement plan and open a solo 401(k).
More than 1.6 million people serving in the United States military have a decision to make this year regarding their retirement. Beginning January 1, 2018, the military is overhauling their entire retirement system from a traditional pension (also known as the Legacy System), to a new Blended Retirement System (BRS)
