House expected to pass SECURE 2.0 on Tuesday

[Insurance Forums Staff]

Insurance Forums Staff submitted a new article

House expected to pass SECURE 2.0 on Tuesday

The “Securing a Strong Retirement Act of 2022” scheduled for a House vote on Tuesday, which would send the bipartisan retirement reform bill to the Senate.

Continue reading the Original Article.

 

[Helpico_Insure]

Reminds me the changes done in 1983........................

 

[LostDollar]

Still want to see an HSA type savings option for those on high deductible Medicare Supplements.

All the whoop te do about enabling people to save longer, but that particular option seems to continue to be missed.

 

[Allen Trent]

Increasing RMD to 75 is a tax grab planning strategy by govt. They know that seniors, especially those over age 65 are in the lowest tax brackets & most pay little or no federal income taxes.

Raising RMD age just assures the balance is higher at death. Beneficiaries receiving lump sum or even 10 year deferral will pay much higher taxes than the senior would have gradually taking money out. Most over age 65 should still run their tax numbers each year. most would be better off taking money out or partial Roth conversions between age 62-75 when no longer working rather than not taking anything out until age 75. Take it out in low or 0% tax bracket & reinvest in identical investment. Or convert each year to Roth once retired rather than wait until age 75