The practice of offering consumers the chance to take a vehicle they might buy on a test-drive has been in place for a long time. And a few years ago, realtors got into letting people “test-drive” homes by spending the night in them. And in “Test-Drive Your Retirement,” Kiplinger.com suggests that instead of just outlining […]
©Bring Clarity to Your Finances™. Yes, You Can Practice Being Retired is a post from Bring Clarity to Your Finances™
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Now that the SECURE Act has passed, there’s a new rule regarding IRA contributions, specifically for folks over age 70½. And this one is positive!
The post IRA Contributions after the SECURE Act appeared first on Getting Your Financial Ducks In A Row.
The recent passing of the SECURE Act brought about some changes that have impacted savers and retirees alike. Required minimum distributions (RMDs) from retirement account have now been raised to age 72. Also, gone is the ability to “stretch” required distributions from retirement accounts to non-spouse beneficiaries (with few exceptions). One potentially beneficial change comes from the broadening of the expenses 529 college savings plans can cover. 529 plans are tax-advantaged savings plans that allow parent, grandparents, and other relatives to save money for education. Contributions grow tax-deferred and withdrawals for qualified expenses are tax-free. In the past, qualified expenses included, tuition, books, fees, etc. With the passing of the SECURE Act, another provision has been added that allows account owners to pay for student loan principal and interest. This new rule allows up to $10,000 maximum to be used to pay for outstanding student loans. In addition, the SECURE […]
The post The SECURE Act and Student Loans appeared first on Getting Your Financial Ducks In A Row.
As a year-end holiday gift, Congress included a number of individual and business-friendly tax provisions in its year-end spending package that was signed into law by President Trump on December 20, 2019. The “Further Consolidated Appropriations Act, 2020” (oddly considered a 2020 Act) brought back to life many deductions and credits that had expired at […]
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