Tag Archives | Ed Slott
tax changes

Reduced RMDs Coming Your Way … But Not Until 2022

Here’s some good news for people nearing or already in retirement! In the future, you will be required to take less money from your retirement plans, but the new rules won’t take effect until 2022. That’s right. Required Minimum Distributions (or RMDs) will be heading downward starting in 2022, as the IRS recognizes that longer life […]

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COVID-19 Fallout: Taxpayers Now Get Until July 15 To File Taxes

Taxpayers are getting a helping hand from the federal government to ease the pain and disruption caused by the coronavirus pandemic. Filing and Paying Taxes The Internal Revenue Service confirmed it has moved the deadline for filing individual tax returns for tax year 2019 from April 15 to July 15. The deadline for paying taxes, without penalty […]

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401(k) Secrets You Need To Know

There’s a dirty little secret about 401(k), 457, 403(b) and other retirement plans you may not know. They don’t have to offer you all the tax-saving provisions allowed under law. These include perks like stretch distributions, plan loans, rollovers into and out of the plan, “still working” exceptions and in-service distributions. You may not always […]

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The Roth IRA Turns 20!

Twenty years ago, the Roth IRA was invented. Not familiar with the Roth? This is a great type of retirement account that allows your money to grow tax-free for decades. (And how many other accounts can you say that about?) The only bad thing we can say about a Roth IRA is that some people […]

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Quote Of The Week: “We’re sick and tired of waiting for you to drop dead. We want our money back.”

 “All this time you’ve been taught to build, save, invest, sacrifice. Suddenly the government at age 70½ says, ‘Now we’re sick and tired of waiting for you to drop dead. We want our money back.’ ”   Retirement adviser Ed Slott, interviewed by Lewis Braham, “Watch Out, Boomers, Here Comes 70,” Bloomberg BusinessWeek, March 24, 2016. […]

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