There are three pending proposals being considered in Congress that may change the landscape of retirement savings and distributions. The goals are to increase the flexibility of retirement savings, correct the Social Security solvency, and added protection for those receiving pensions. There are many advantages and a few drawbacks that will come at a cost to the working class, small business owners, and beneficiaries.
Increased tax credits will be available for startup costs up to 50% of a small business's new retirement plan. This increases from $500 annually to $5,000 maximum tax credit. — The bill proposed a major change in reducing the ability for an inherited stretch IRA for beneficiaries, which can be a disadvantage for estate planning. There will be a 10-year time limit for a non-spouse beneficiary to defer the distributions and income taxes on an inherited IRA.
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Annuity options may be coming to your 401(k). Here's whyAlthough the idea of guaranteed income in retirement may appeal to many people, experts say it's important to fully understand the pros and cons of annuities before buying one. 🤣🤣Congress acts An idiots option. Ken Fisher is right! There’s a 100 better options than annuities
Source: CNBC - 🏆 12. / 72 Read more »
Hong Kong police association to build retirement property for staff in mainland ChinaA Hong Kong police association has told its members it is in talks with Chinese ... Plz live in China forever. Don't stay in HK. Congratz Plz enjoy your freedom and democracy in the ‘greatest’ nation China More and more evidences indirectly show that Hong Kong police force are pro-China. No wonder why they always use excessive force against protesters.
Source: Reuters - 🏆 2. / 97 Read more »
Photo of ex-Goldman CEO Lloyd Blankfein loving retirement shows how dramatically he's 'lost stature''I knew I’d lose stature when I left my old job,' Blankfein wrote on Twitter. 'Thank you Harvard basketball team for rubbing it in!!' Hobbits make great bankers
Source: BusinessInsider - 🏆 729. / 51 Read more »
Millennials aren't counting on Social Security for much help in retirementSocial Security is a central pillar for current retirees and baby boomers. Younger generations are predicting a different outcome. We know there wont be anything left, and that if things dont change we will be working until we die. Retirement will be a luxury. Ha, social security, what is that? My generation isn’t going to see it. Tips on how not to worry: be more self sufficient and budget accordingly. That’s because the educated Derelicts in the media demagogue social security constantly because they don’t understand it can’t go broke. It’s a social program, not a fund or investment. It’s used for Medicare, Disability and Medicaid. All the government has to do is raise taxes.
Source: CNBC - 🏆 12. / 72 Read more »
Plan A Romantic Dinner, And We'll Reveal If Your Crush Is Really Your SoulmateNow that it's cuffing season, it's time you knew for sure! I'm afraid that's correct🧡
Source: BuzzFeed - 🏆 730. / 51 Read more »
The price tag for Ken Fisher’s lewd remarks: nearly $1 billion, and countingAfter a media backlash, retirement firms around the country have moved money away from Ken Fisher’s advisory firm, and other companies are reviewing their... Who GAF? So what did he say...? Les than 1% of AUM... big deal
Source: MarketWatch - 🏆 3. / 97 Read more »