The SECURE 2.0 Act that went into effect in March 2022, makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. This is good information to have should you be affected by a disaster and need that access. The IRS provides the following important information. Who is…
Read MoreThe Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. That’s just the beginning: The IRS also has issued technical guidance regarding all the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items. Highlights of…
Read MoreGiving back just got easier-and more rewarding. If you’re looking for ways to lighten your income tax liability while supporting your favorite cause, retirees can now receive fixed income payments for life by donating directly from their individual retirement account (IRA) to qualified charities. Gift annuities have been around since John Trumbull donated his paintings…
Read MoreThere’s been buzz about new retirement plan provisions for weeks, and now they’re final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate, and others that…
Read MoreFor families trying to save for their children’s college education, 529 college savings plans, named for a section of the tax code, have always been hailed as a great option—perhaps the best. Let’s look more closely at what has always made them a good deal: Families invest through these accounts without earnings being taxed as…
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