Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions … [Read more...] about Application of the Updated Life Expectancy Tables
IRA and 401(k) Minimum Distributions Have Been Lowered
Traditional individual retirement accounts are funded before taxes have been paid on the earnings, so the contributions are subject to regular income taxes. The taxes must be paid at some point, so lawmakers have mandated required minimum … [Read more...] about IRA and 401(k) Minimum Distributions Have Been Lowered
2022 Social Security COLA Will Be Significant
It's important to understand the legal and financial waters that a person will enter during their senior years. Social Security can be a critical piece of the puzzle, and there can be cost of living adjustments (COLAs) each year. Since 2021 is … [Read more...] about 2022 Social Security COLA Will Be Significant
SECURE Act 2.0 Is Moving Right Along
We recently wrote a post about a piece of legislation that was introduced into the House that is being called SECURE Act 2.0. This is a reference to the original piece of legislation with this name that changed some of the rules that impact … [Read more...] about SECURE Act 2.0 Is Moving Right Along
Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Is There a Social Security Cost-of-Living-Adjustment for 2021?
There can be Social Security cost-of-living adjustments (COLAs) on an annual basis. We are sharing the 2021 updates in this post. Slight Increase There is a minimal bump up in 2021. The benefit will rise by 1.3 percent, and this equates to five … [Read more...] about Is There a Social Security Cost-of-Living-Adjustment for 2021?