Does SECURE Act 2.0 Create a Stealth Tax?
The SECURE Act 2.0 may do a lot to help secure Uncle Sam, but I’m not so sure about the rest of us.
The SECURE Act 2.0 may do a lot to help secure Uncle Sam, but I’m not so sure about the rest of us.
How about an asset class that doesn’t have the risks of stocks or bonds? One that can provide stability and peace of mind.
True! Market losses aren’t all yours. The IRS subsidizes part of them.
RMD age hikes may not be the blessing you think. The question just might be who is more secure? Retirees or future government spending?
The annual Social Security trustees’ report is to advise Congress on the financial condition of the Social Security system over the next 75 years. If they project that 100% of benefits will be paid, it’s said to be in balance and no action will be needed. If they project a shortfall, they call on Congress to fix the problem by either raising taxes, cutting benefits, or some combination of the two.
Tax Planning doesn’t stop at retirement. In fact, tax planning is important for optimizing retirement income – and it changes during all four stages of retirement.
Looking for retirement security?
Government spending has been out of control for decades and Congress needs to raise revenue. So, they passed The SECURE (Setting Every Community Up for Retirement Enhancement) Act in December 2019. It may secure the government’s future; but, one provision may make your heir’s retirement a little less secure.
Expecting a big capital gains or other tax event this year? It might mean an unexpected tax surprise that can affect your Medicare premiums two years from now!
Tax traps are waiting. Did you it’s possible to be smack in the middle of the 22% tax bracket, yet taking an additional $1,000 in income could make that additional money taxable at 40%? It can happen to some taxpayers. In fact, there are other pitfalls many aren’t aware of, as well.
There may be times when a Roth conversion may be advantageous; but there are others when it may not be your best move.
The SECURE Act 2.0 may do a lot to help secure Uncle Sam, but I’m not so sure about the rest of us.
No, we’re not training your dog. But, if you’re nearing retirement, you know exactly what a rollover is – and you know it’s a big decision.