The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 and after a year full of change there will be little changes to the limits next year. Important limits for Plan Sponsors to be aware of: 401k Plan Limits 2021 2020 Maximum Employee Deferral $19,500… Read more »
The Macro View
Posts Tagged: IRA
CARES Act Waives Required Distributions in 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, a wide ranging fiscal relief package aimed at helping Americans confront the economic challenges brought on by the Covid-19 pandemic, contains a series of unprecedented maneuvers including the much discussed stimulus check provision and the Paycheck Protection Program (PPP). While these two features of the… Read more »
ROTH IRA Conversions: A Powerful Planning Tool in 2020
Over the last 8 weeks the world has changed. The exact changes are not yet known but certain probabilities that impact long-term financial planning have shifted. We believe these changes have made ROTH conversions a more important strategy than ever for young savers looking to reduce their future tax burden and for older savers looking to maximize wealth transfers to their kids…. Read more »
SECURE Act’s Impact on Personal Financial Planning
Earlier this year I had the privilege to meet with lawmakers on Capitol Hill to provide industry feedback on the implications of the Setting Every Community Up for Retirement Enhancement Act (aka the SECURE Act). As expected the SECURE Act was included in the spending bill that Congress passed on December 19th. The spending… Read more »
SECURE Act’s Impact on Employers (Retirement Plan Sponsors)
On December 19, 2019, Congress approved an appropriations package that will fund the government through the 2020 election. The bill now sits on the President’s desk where it is expected to be signed into law. Included as part of the package was the Setting Every Community Up for Retirement Enhancement Act (SECURE). I had… Read more »