The long-awaited Setting Every Community Up for Retirement Enhancement (SECURE) Act has been passed by Congress and signed by President Trump – and several of its many provisions affecting 401(k)s, IRAs, annuities and more take effect as soon as 2020 begins. So what are the new rules of retirement saving? Today’s article outlines some of the most important provisions of the SECURE Act, including changes to the rules governing required minimum distributions (RMDs) which one retirement expert states “could provide tax benefits to some and tax hurdles for others”. For more, CLICK HERE.
Despite concerns that the Republican tax plan would deliver a major blow to retirement savers by dramatically reducing how much they could stash away in their 401(k)s each year, that provision has not come to pass. So retirement savers can breathe a sigh of relief…right? Not necessarily. The author of today’s article warns that “while it’s good that Republicans backed off on their idea to crimp 401(k) accounts, retirees—and soon-to-be retirees—should not think they’re out of the woods. President Trump and House Speaker Paul Ryan are now proposing a new cash grab.” To read more, CLICK HERE.
The specifics of the Republican healthcare plan that will replace Obamacare remain unknown (including – apparently – to Republicans themselves). However, President Trump has stated that a key component of the plan will be expanding the use of Republican-favored Health Savings Accounts. As such, the author of today’s article advises that now is the time to become familiar with the ins and outs of HSAs. Who is likely to benefit from this expansion of HSAs when it comes to retirement saving and who does this trend spell financial trouble for? CLICK HERE to find out.