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Old Today, 08:49 AM
 
Location: Rust'n in Tustin
2,184 posts, read 2,375,015 times
Reputation: 3838

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https://www-wsj-com.cdn.ampproject.o...ra-11562713559

The Secure Act would upend 20 years of retirement planning and stick it to the middle class.

By Philip DeMuth
July 9, 2019 7:06 pm ET

Like grave robbers opening King Tut’s tomb, Congress can’t wait to get its hands on America’s retirement-account assets. The House passed the Setting Every Community Up for Retirement Enhancement Act, known by the acronym Secure, in May. The vote was 417-3. The Secure Act is widely expected to pass the Senate by unanimous consent. While ostensibly helping Americans save for retirement, the bill would actually reduce the value of all retirement savings plans: individual retirement accounts, 401(k)s, Roth IRAs, the works...
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Old Today, 08:52 AM
 
Location: Rust'n in Tustin
2,184 posts, read 2,375,015 times
Reputation: 3838
This is especially important to all you retirees with 1.7mil
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Old Today, 08:58 AM
 
4,022 posts, read 2,605,489 times
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I can't read the whole article since I don't have a subscription but I do notice it's an opinion piece.

This Forbes article doesn't make it sound horrible and who knows what the final legislation will actually look like. https://www.forbes.com/sites/jamieho...fcb3437http://

Based on a cursory review, it looks like most of the negative tax implications will affect inherited retirement accounts. At this point, I'm not going to worry about it.
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Old Today, 08:58 AM
 
290 posts, read 42,585 times
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Quote:
Originally Posted by ysr_racer View Post
https://www-wsj-com.cdn.ampproject.o...ra-11562713559

The Secure Act would upend 20 years of retirement planning and stick it to the middle class.

By Philip DeMuth
July 9, 2019 7:06 pm ET

Like grave robbers opening King Tutís tomb, Congress canít wait to get its hands on Americaís retirement-account assets. The House passed the Setting Every Community Up for Retirement Enhancement Act, known by the acronym Secure, in May. The vote was 417-3. The Secure Act is widely expected to pass the Senate by unanimous consent. While ostensibly helping Americans save for retirement, the bill would actually reduce the value of all retirement savings plans: individual retirement accounts, 401(k)s, Roth IRAs, the works...
I couldn't read the article and the snip you provided doesn't really explain much.

Here are more details: https://www.investopedia.com/secure-act-4688468

Here are the bullets:
  • Making it easier for small businesses to offer their employees 401(k) plans by providing tax credits and protections on collective Multiple Employer Plans
  • Allowing retirement benefits for long-term, part-time employees
  • Removing maximum age limits on retirement contributions, formerly capped at age 70 1/2
  • Raising the required minimum distribution (RMD) age to 72 from 70 1/2
  • Allowing penalty-free withdrawals up to $5,000 from retirement plans for the birth or adoption of a child
  • Relaxing rules on employers offering annuities through sponsored retirement plans
  • Allowing penalty-free withdrawals of up to $10,000 from 529 education-savings plans for the repayment of certain student loans
  • Revising components of the Tax Cuts and Jobs Act that raised taxes on benefits received by family members of deceased veterans, as well as students and some Native Americans
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Old Today, 09:03 AM
 
Location: Rust'n in Tustin
2,184 posts, read 2,375,015 times
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Sorry, the two biggest changes I see are:

It pushes the RMD out to 72.5 and it forces non spouses that inherit your IRA to withdraw the funds in 10 years.

So if you leave your children a 1 million dollar IRA, instead of taking RMDs, they may have to take $100,000 a year until it's depleted. Thereby paying the taxes sooner.

Unfortunately it also raises the taxes of whoever inherited it.
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Old Today, 09:04 AM
 
6,239 posts, read 4,721,373 times
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Yup, it seems worthless to post a link to an article behind a firewall that requires a subscription!
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Old Today, 09:05 AM
 
Location: SoCal
13,213 posts, read 6,313,926 times
Reputation: 9826
It’s old news, you are only two months behind. I believe somebody has posted a link on the here once.
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Old Today, 09:07 AM
 
Location: Rust'n in Tustin
2,184 posts, read 2,375,015 times
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Quote:
Originally Posted by jrkliny View Post
Yup, it seems worthless to post a link to an article behind a firewall that requires a subscription!
Sorry, I didn't want to copy the whole article. Somebody wrote it, and they own it, not me.
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Old Today, 09:08 AM
 
Location: Rust'n in Tustin
2,184 posts, read 2,375,015 times
Reputation: 3838
Quote:
Originally Posted by NewbieHere View Post
Itís old news, you are only two months behind. I believe somebody has posted a link on the here once.
Ok, now it's posted again.
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Old Today, 09:27 AM
 
6,239 posts, read 4,721,373 times
Reputation: 12768
Quote:
Originally Posted by ysr_racer View Post
Sorry, I didn't want to copy the whole article. Somebody wrote it, and they own it, not me.
Forum rules do not allow it anyway.
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