Author - jim@blankenshipfinancial.com (Jim Blankenship)

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Government Retirement Plans After SECURE Act
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2019 Social Security Survey Results
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IRA Contributions after the SECURE Act
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The SECURE Act and Student Loans
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IRS warns of gift card scam

Government Retirement Plans After SECURE Act

government retirement plans

Photo credit: diedoe

The SECURE Act made sweeping changes to the rules for most inherited retirement plans, effective January 1, 2020. However, not all inherited retirement plans are changed by that date. If plan in question is a government retirement plan, such as a 457 or 403(b) plan, the implementation date is January 1, 2022. There are a few other cases when 2022 is the implementation date as well. Specifically, the 10-year distribution rule goes into effect in January 2022 for the following two situations:
  • Plans maintained pursuant to a collective bargaining agreement (unless the collectively bargained agreement terminates
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2019 Social Security Survey Results

In November and December, 2019, I sent out a survey covering Social Security filing strategies. The survey was sent to a closed Facebook group (dealing primarily with Social Security filing strategies), as well as to my blog readership and Twitter followers.
If anyone would like to see the actual unscrubbed survey data, please send me a note at admin@financialducksinarow.com and I’ll set you up. I’ll be interested in hearing your insights after reviewing the data! – jb
Given the sources of respondents, it’s safe to assume that this group of people is on the higher end of the scale of… Read More

IRA Contributions after the SECURE Act

Following our articles last week – SECURE Act RMD Rules and The SECURE Act and Student Loans – today we’ll cover IRA contributions after the SECURE Act. A big change in store here for folks who are still working later in life, but not really earth-shattering.

With the passage of the SECURE Act, the prohibition for IRA contributions after age 70½ is lifted. Previously, once you hit that magical age, you were no longer allowed to make contributions to an IRA.

Employer plans, such as the 401(k) have always allowed contributions to continue as long as the employee was still …

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The SECURE Act and Student Loans

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 …

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IRS warns of gift card scam

 

Recently there has been a new scam going around, with a twist – the caller, impersonating an IRS agent, requests payment in the form of gift cards. The IRS recently released a Tax Tip (2019-167) regarding this scam and what you should do about it. The complete Tip is listed below.

Taxpayers should watch out for gift card scam

Taxpayers should always be on the lookout for scams. Thieves want to trick people in order to steal their personal information, scam them out of money, or talk them into engaging in questionable behavior with their taxes. Scam …

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