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2017 IRA Changes – What You Need to Know

Tuesday, January 10th, 2017 and is filed under Financial Planning Tips, Uncategorized

2017 IRA Changes and What They Mean for Your Retirement AccountEach new year brings change and 2017 is no different when it comes to keeping up with your retirement savings accounts. Here is what you need to know when it comes to 2017 IRA changes.

IRA Charitable Contributions

After age 70 ½, withdrawals from traditional IRAs are required and income tax may be due on each distribution. However, if you’re age 70 ½ and donate all or part of your distribution ($100,000 max) directly to a qualified charity you won’t owe tax on that transaction. Introduced as a temporary measure in 2006, this ruling was made permanent by an appropriations bill in December 2015. Read More

The 401k Confiscation Conspiracy Theory

Monday, January 2nd, 2017 and is filed under Uncategorized

Is the federal U.S. government 401k confiscation an actual plan or is it just merely another conspiracy theory? The truth may worry you.Is the federal U.S. government 401k confiscation an actual plan or is it just merely another conspiracy theory? There have been rumors circulating for years that a government takeover of retirement assets was indeed in the works, but are there supporting facts to back up these rumors?

In a criminal investigation, one of the key elements of that investigation is to determine a motive. In this case, does the federal government have a motive to confiscate the retirement assets of Americans? One simple look at the numbers and a motive is easy to surmise. The U.S. Federal Government is over $19 trillion in debt. Americans have over $24 trillion in retirement assets. The short answer is yes – money is the motive. Read More

Is Obama’s myRA the cure for Ailing Retirement Savings Rates?

Thursday, March 27th, 2014 and is filed under Retirement Income Annuities, Uncategorized

obama-myra-retirement-savings-planWith the familiar stroke of a pen, President Obama directed the Treasury Department to establish new retirement savings accounts aimed at workers with limited access to traditional retirement accounts. The signature formalized a proposal unveiled during the president’s 2014 State of the Union Address. Dubbed “myRAs,”—an acronymic mash-up of “My” and “IRA”—the accounts will kick-in for those making less than $191,000 a year whose employers do not offer retirement plans such as 401ks.

The Plan in Action

The myRA works like this: account holders contribute after-tax income to invest in Treasury bonds and any investment gains and withdrawals are tax-free. Bonds in myRA accounts will offer the same variable interest-rate return as those federal employees get when they enroll in the Thrift Savings Plan Government Securities Investment Fund. Read More