(Coronavirus) CARES Act and RMDs
A quick note about annual Required Minimum Distributions from IRAs and 401ks and other retirement accounts — The CARES act, which passed last week and was signed into law on Friday has made a lot of headlines, especially for the “stimulus checks” — the $1200/person which is simply being sent to most Americans. (It phases […]
Required Minimum Distributions – What You Need To Know
Many types of retirement accounts offer enormous tax advantages. For example, if you make contributions to an IRA or 401k, you may be able to deduct those contributions (i.e., not pay income taxes on the income you use to fund those accounts) now — and, instead, let the money grow — with no taxes due […]
The Father of the Modern 401(k) Says It Fails Many Americans
<http://www.marketplace.org/topics/sustainability/consumed/father-modern-401k-says-it-fails-many-americans> “Thus began the era of make-your-own-retirement.” The 401k wasn’t exactly an accident – it was intentionally put into the tax code. But the blockbuster growth of it, and the way it’s supplanting the traditional pension more and more – that was not the original intention. Scott Tang at American Public Media (NPR) discusses the […]
Should I be alarmed at a “MAP-21” notice in my employer’s pension information?
A recent poster to the misc.invest.financial-plan newsgroup asked about a MAP-21 notice as part of the information from his employer’s pension plan. Below, you’ll find our response: Should I be alarmed at the following info contained in my former employer’s Annual Funding Notice for Retirement Plan? With MAP-21 rates, fund is at 101%, without […]