Last week we went over the provisions of the SECURE Act 2.0 that affected employers, both small and large. This week, we’ll dive into the provisions that affect plan participants, as well as student loans, savings and emergencies. Provisions For Plan Participants New RMD Start Date SECURE 2.0 pushes back the beginning date for required minimum distributions from qualified plans. Individuals turning age 72 during 2023 or later will start their RMD at age 73. For those reaching

On December 29, 2022, President Biden signed the Consolidated Appropriations Act, which is part of the larger bill, the Securing a Strong Retirement Act, also known as the SECURE Act 2.0. These laws follow the Setting Every Community Up for Retirement Enhancement (SECURE) Act signed into law at the end of 2019. SECURE 2.0 covers numerous changes to retirement provisions designed to increase retirement savings, facilitate access to retirement savings, encourage employees to sa

As you move closer to retirement age, you’ve likely been involved in discussions about retirement planning. These may involve chats about employer percentages, being vested (or not), and the cost of living, or where to live. However, there is one important piece always missing from retirement conversation; the target retirement age. The average age of retirement in the United States is 61 years old. Plenty of Americans retire before and after this age, for a variety of reason

Retirees are eligible for a few tax breaks that aren’t available to younger people. There are also many taxes that apply specifically to...

Don’t be fooled — these steps are simple to understand, but they can be harder to execute. Still, they’re worth considering.

At Penny Lane Financial, we can help you lay out a plan to minimize your tax liabilities during retirement.

If you're committed to becoming a financially secure senior , you can take advantage of accounts created to make saving easier by providing you with generous tax breaks. In fact, there are three key retirement accounts you can use to amass a substantial nest egg with a little help from the government. Your 401(k) plan Around three-fourths of employers in the U.S. offered access to a 401(k) plan to workers in 2016, while those who are self-employed can open a one-participant

If you are over 50 and have delayed saving for retirement , you may still have time to fund your retirement by taking these actions now: Start saving. Max out your retirement contributions to IRAs and 401(k) accounts. If you are age 50 or older, you can contribute $6,500 per year to IRAs, and $60,000 per year to 401(k)s. Increase your income. Work more hours, negotiate a raise, or take a part-time job on the side. You could turn a hobby such as woodworking or quiltin