Retirement

We are sharing some important information that may impact you as a result of the SECURE 2.0 Act of 2022. As you may know, SECURE 2.0 was signed into law on December 29, 2022 and includes reform that seeks to expand retirement coverage and savings. The new law includes both required and optional changes for 401(k) plans, as well as other types of retirement plans.    Age 50 Catch-Up Contributions – A catch-up contribution allows individuals age 50 or older to save more in their

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your retirement accounts. You generally must start taking withdrawals from your IRA, SEP, SIMPLE and other retirement plan accounts when you reach age

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject to a 10% penalty tax. Note: The additional penalty tax is 25% if you take a distribution from a SIMPLE IRA in the first two years you