Posted on 06/14/2019 6:28:50 AM PDT by Diana in Wisconsin
The House of Representatives recently passed a bill that may complicate retirement planning options for Americans.
The House passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 on May 23. If enacted into law, it could be tricky for Americans who are not financially savvy investors.
Some of the changes could benefit consumers: The law encourages more small employers to offer 401(k) plans and raises the age for required minimum distributions (RMDs) from retirement accounts to 72 from 70.5, a nod to longer life expectancies and later retirements.
However, there are some changes that consumers should be wary of, experts say.
For example, one change in the law would shorten the amount of time that someone who inherits an Individual Retirement Account (IRA) can hold onto the funds, potentially causing them to lose money.
"If you inherited my IRA — before I'd be able to stretch the distribution over your lifetime, which is more time for dollars to grow tax deferred. Now you have to drain that inherited IRA over 10 years, which gives you less time to grow the money on a tax-deferred basis," Dave O’Brien, chair elect of the National Association of Personal Financial Advisors (NAPFA), told ABC News.
Another change that American workers should be wary of, according to consumer advocates, is adding annuities — complex financial tools offered by insurance companies — to 401(k) plans.
*SNIP*
(Excerpt) Read more at msn.com ...
Although I’m not very worried, it is very painful to imagine what happens after 2020 if the Democrats (somehow) get the White House and both houses of congress.
If that happens, I’m not sure we’d have a country anymore.
And that's the good part of the changes.
Other parts are not good.
Right....
I have a small five year annuity.
It returns a good interest rate and I can do partial withdrawals during the 5 year term
Seems better than an IRA CD.
We’ll keep an eye on your posts. If one should happen to drift...@%D#...off...%3R&5...into gibberish.....
...#@$$...who do we call?
"The House passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 on May 23."
FR: Never Accept the Premise of Your Opponent’s Argument
Patriots are reminded that the states have never expressly constitutionally delegated to the feds the specific power to make such a law, the corrupt, post-17th Amendment ratification feds once again trying to exploit low-information voters by stealing state powers to make a social spending law to win their votes imo.
In fact, the congressional record shows that Rep. John Bingham, a constitutional lawmaker, had clarified that the Founding States had left the care of the people to the states, not the feds.
”... the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Federal Constitution, is in the States, and not in the Federal Government [emphases added].” —Rep. John Bingham, Congressional Globe, 1866. (See about middle of 3rd column.)
Justice Brandeis had put it this way about unique state powers to serve the people.
"It is one of the happy incidents of the federal system that a single courageous State may, if its citizens choose [emphasis added], serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country.” — Justice Brandeis, Laboratories of democracy.
Note that constitutional limits on states as laboratories of democracy is that states cannot establish privileged / protected classes or abridge constitutionally enumerated rights, and must maintain a constitutionally guaranteed republican form of government.
Also consider that the last of the state sovereignty-respecting Supreme Court majority justices had put it this way about the fed's limited powers.
”From the accepted doctrine that the United States is a government of delegated powers, it follows that those not expressly granted, or reasonably to be implied from such as are conferred, are reserved to the states, or to the people. To forestall any suggestion to the contrary, the Tenth Amendment was adopted. The same proposition, otherwise stated, is that powers not granted are prohibited [emphasis added].” —United States v. Butler, 1936.
H O W E V E R…
Note that the individual states cannot fully experiment with the social spending programs that a state's legal majority citizen voters want, as the Founding States had intended, because federal career lawmakers keep stealing state revenues by means of unconstitutional federal taxes.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States."—Justice John Marshall, Gibbons v. Ogden, 1824.
In fact, using inappropriate words like "concept" and "implicit" here is what was left of 10th Amendment-protected state sovereignty after FDR’s state sovereignty-ignoring majority justices got finished with it in Wickard v. Filburn, FDR's justices scandalously deciding that case in Congress's favor imo.
"10th Amendment: The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."
"In discussion and decision, the point of reference, instead of being what was "necessary and proper" to the exercise by Congress of its granted power, was often some concept [???] of sovereignty thought to be implicit [??? emphases added] in the status of statehood." —Wickard v. Filburn, 1942
The remedy for the unconstitutionally big federal government on our backs…
Patriots need to elect a new patriot Congress in the 2020 elections that will not only promise to support PDJT's vision for MAGA, but will also promise to surrender state powers that the feds have stolen from the states back to the states.
And to make such changes permanent, patriots also need to support PDJT in leading the states to repeal the 16th and ill-conceived 17th Amendments.
Remember in November 2020!
MAGA! Not Democratic MADA (Make America Dead Again)
"The “Holy Grail” of organized crime is to control government power to tax." —me
"The constitutionally undefined political parties are basically rival, corrupt voter unions, “union dues” paid by means of unconstitutional federal taxes.” —me
"The smart crooks long ago figured out that getting themselves elected to federal office to make unconstitutional tax laws to fill their pockets is a much easier way to make a living than robbing banks." —me
"Federal career lawmakers probably laugh all the way to the bank to deposit bribes for putting loopholes for the rich and corporations in tax appropriations laws, Congress actually not having the express constitutional authority to make most appropriations laws where domestic policy is concerned. Such laws are based on stolen state powers and uniquely associated stolen state revenues." —me
LOL!............The Undertaker!............
Thank you! Yes, that $ is going towards a new pole barn; something tangible. His accountant is looking into the ‘least painful’ way for him to liquidate that inherited IRA. ;)
The next time the Dems get control of all branches they are going to do the Teresa Ghilarducci thing and grab all the IRA’s and 401K’s and mix them into one gigantic Federally managed national pension plan.
It’s the only way to bail out all of the hopelessly underwater public union pensions out there.
In my Dad’s case, we had to spend down his meager IRA saving so we could get him into some low-income programs that our state offers for Seniors. We had $21K to liquidate, so we just used it up on everyday expenses over the course of three years. (Rent, utilities, stockpiling consumable household items, etc.)
So far, so good, and Care Wisconsin is taking wonderful care of him. Of course, they take all but a few hundred of his SS income every month, but so far it is money well spent for good care.
I plan on going the same route and will try to die broke, too. Screw ‘em! :)
LOL!
>
How about Beagle8u’s plan for fixing retirement plans?
In MY plan hourly workers would pay NO income tax on overtime hours, with the option to put the extra earnings in a Roth IRA.
Work a extra 8 hours tax free and get an extra 8 hours pay on your paycheck, and the 4 hours of 1 1/2 time pay goes in your Roth IRA, again, tax free!
That would benefit the guys that work their @$$es off and give them retirement money when they are older.
>
One better: Eliminate the 16th, institute a small consumption tax (EVERYBODY has skin in the game...poor > rich, working > retired, illegals\criminals), and people can do w/ their property as they wish; it’s not UP to govt what one does w/ their own...ANYTHING.
Enough w/ the social engineering & pandering.
Win-Win-Win (Rights)
They just want to get that money into normal taxation to line their own pockets with deals they concoct to “ help the people” by spending the taxes they will receive....
Your laddered bonds reminds me of my Grandpa back in the day when it was worthwhile to ‘invest’ at your bank via CDs.
He had so much fun moving his money around, depending upon which ‘perk’ they were offering at any given time. No one in the extended family lacked for new toasters, or small TV sets, electric can openers (such LUXURY!) or microwave ovens all through the 60’s and 70’s. ;)
He’s the one that left me a nice chunk of change 15 years ago to invest in precious metals to speed my own retirement along.
Thanks, Grandpa! :)
Yep. Gonna take SS as soon as I can. 62 is only three years away! :)
Sounds like a good plan! My Dad has nothing to leave me, but my Mom has a paid-for house which she is hoping to sell and move to a condo. She’s 82, is like #39 on the list for the condo she wants. *Rolleyes*
My Stepbrother is in charge of divvying up what’s left of her $ and selling the condo if she ever gets there. I trust him completely and after dealing with my Dad’s finances and medical needs (POA for both) for the past 10 years, I am GLAD that Mom’s stuff isn’t my responsibility, too!
I disagree.
The money is always taxed when it is withdrawn, but if I want to leave it to my kids the government should wait its turn to spend my money.
Demi.crate only think about reinstating slavery. Take away wealth and bring on Communism.
But after you are dead, it's no longer your money - unless it is buried with you.
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