Saving for your children’s college education became much easier when 529 plans were introduced. The ability to access funds in a 529 plan without paying federal taxes, as long as the funds were used to cover qualified education expenses, make them appealing to parents of college-bound children. However, some found it difficult to determine how […]
New College Saving Opportunity: Converting 529 Plans to Roth IRAs Read More »
In late 2022, Congress approved a $1.7 trillion spending bill which included some adjustments that will impact those saving for retirement. Here’s what you need to know. Required Minimum Distribution (RMD) Age Increases to 73 RMDs are withdrawals that the IRS requires seniors to take from retirement accounts annually once they reach a certain age.
Changes Impacting Those Facing Retirement in 2023 Read More »
The IRS recently released the 2023 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions. In general, many of the pension plan limitations will change for 2022 because the increase in the cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged.
2023 Inflation Adjustments for Pension Plans & Retirement Accounts Read More »
Investors have been discussing whether a traditional or Roth IRA is best as long as they have both been around. One factor that might tip the scales toward a Roth is a downturn in the value of your investments. If you have a traditional IRA, a decline may provide a valuable opportunity to pay less
Should You Convert Your IRA to a Roth? Read More »