Build Back Better Act – Tax Proposals on Retirement Accounts

On Monday, September 13th, the House Ways & Means Committee proposed sweeping changes to retirement accounts for high-net-worth individuals.  The proposals are aimed at reducing the dollar value of assets held in Individual Retirement Accounts (IRAs) for these high-net-worth individuals. Below are specific items included in the proposals:

Keep Reading

Survey Finds Most Satisfied with Workplace Retirement Plans

COVID-19 created challenging financial conditions for businesses, individuals, and families alike, with stay-at-home orders and mandated closures forcing many businesses to cut hours, enforce furlough, or terminate employees. This had a cascading effect on income and savings as many of those impacted turned to distributions or plan loans to bridge

Keep Reading

How to Use 529 Plans for College Funds and Education

529 plans are an investment vehicle that allows taxpayers to save for all levels of education. Contributions are made with after-tax dollars, but accumulated earnings and qualified withdrawals are tax-free for federal taxes. If savings towards education for your child or another beneficiary is a priority to you, this type

Keep Reading

How to Maximize Savings with an IRA: Rules & Limits for 2021

An Individual Retirement Account (or IRA) is an “individual retirement plan” that is funded through personal contributions. IRAs are a great addition to traditional 401(k)s and allow individuals to save for retirement with tax-free growth or on a tax-deferred basis, depending on the type of IRA. Basic Definitions There are

Keep Reading