When George was right, he was right.
Posted on 05/23/2019 10:31:42 AM PDT by BenLurkin
Changes include: making it easier for small businesses to band together to offer 401(k) plans, requiring businesses to let long-term, part-time workers become eligible for retirement benefits and repealing the maximum age for making contributions to traditional individual retirement accounts (right now, that’s 70½).
It also would raise the age when required minimum distributions, or RMDs, from certain retirement accounts must start to age 72, from 70½, along with making changes to allow more annuities to be offered in 401(k) plans.
...it will now head to the Senate, where a similar bill has yet to be voted out of committee. In the upper chamber, it’s known as the Retirement Enhancement Savings Act, or RESA, and its provisions largely mirror those in the House bill.
(Excerpt) Read more at cnbc.com ...
[[Changes include: making it easier for small businesses to band together to offer 401(k) plans,]]
Young people blame climate change for their small 401(k) balances
“Engulfed in a constant barrage of depressing news stories, many young people are skeptical about saving for an uncertain future. “
http://www.freerepublic.com/focus/f-chat/3751594/posts
I guess a bunch of long term part time employees are about to get fired.
I hope they hurry on changing the RND...This year is my 70 1/2 year....
Call me an effin’ idiot, but why in the hell do these morons get to tell people how they can add to their 401s, take out from their 401s, do whatever to their 401s.
Are they not private retirement accounts? Our government is so f*cked up. We’ve only ourselves to blame. We have 17 more months of nonsense, where they will do their best to try and prosecute this man.
I surely hope that there is so much dirt in all those documents related to Mueller, the FBI and the DOJ that everyone starts going to jail. That’s the only way this ends. Well, that and getting a hold of the list of scumbags that used our money to COVER UP their sexual harassment complaints.
RND = RMD
The best thing they could do is bring back the maximum savings account interest income tax deferral.
Back previous to the Reagan Administration it was $600 interest on savings accounts would be immune form income tax.
That should be around $1500 now..............
“Bipartisan” always, always, ALWAYS = Corrupt, corrupt, corrupt.
Period.
“Are they not private retirement accounts? “
Answer: NO! They are set up under IRS Rules and Laws passed by our “benevolent” Congress. The whole issue centers around revenue. Raising the minimum annual withdrawal amount age, will have an adverse effect on tax collections. The government wants to make sure that you don’t die without having paid them.
>>Call me an effin’ idiot, but why in the hell do these morons get to tell people how they can add to their 401s, take out from their 401s, do whatever to their 401s.
You can take out as much as you want, whenever you want - but the difference is how much tax you pay; thats the way it works - you don’t get taxed when you put the money in, but you will get taxed when you take it out - take it out too late, or too early and you’ll pay way more than you need to - but feel free to do what you want, nothing is stopping you; not even the government.
SEC. 114. Increase in age for required beginning date for mandatory distributions.
(a) In general.—Section 401(a)(9)(C)(i)(I) of the Internal Revenue Code of 1986 is amended by striking “age 701⁄2 ” and inserting “age 72”.
(b) Spouse beneficiaries; special rule for owners.—Subparagraphs (B)(iv)(I) and (C)(ii)(I) of section 401(a)(9) of such Code are each amended by striking “age 701⁄2 ” and inserting “age 72”.
(c) Conforming amendments.—
(1) The last sentence of section 408(b) of such Code is amended by striking “age 701⁄2 ” and inserting “age 72”.
(2) Section 457(d)(1)(A)(i) of such Code is amended by striking “age 701⁄2 ” and inserting “age 72”.
(d) Effective date.—The amendments made by this section shall apply to distributions required to be made after December 31, 2019, with respect to individuals who attain age 701⁄2 after such date.
That would be mean.
Ifyou you want to stick money in the bank to save for retirement, you can do so at any time, in any amount for any reason.
Most folks use 401(k)s for favorable tax treatment. Deferral of taxes on income contributed plus growth of said funds.
They want to see some tax revenue before the person dies.
It all depends on which one you use, right?
Traditional...used with PreTax income and pay taxes when you withdraw
Roth....used with PostTax income and no taxes when you withdraw
I’m aware of how they work. My point, obviously not spelled out clearly enough or I wasn’t to articulate the snide sarcasm, is....F*ck the F*ckin’ F*ck government.
How did we let these people act like they are our Masters, tossing up crumbs when they feel like it? Like they’re doing us a favor?
What is your 70 1/2 date? Mine is 9/16/20.
Next month...
I already talked with my adviser...I have to make my first withdrawal by Dec 31, 2019...
Since it moves up to 72 as of 12/31/19, I wonder if you can skip next year’s RMD, and then resume after you turn 72?
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