RETIREMENT PLANNING ADVICE, 401(k) TIPS, AND SPECIAL ANALYSIS REPORTS

For most people, Social Security benefits alone are not enough to ensure a comfortable retirement. Almost half of all Americans have no retirement plan savings at all. To help our clients, we cover important topics to help you meet your retirement goals such as Social Security, 401ks, IRAs, saving strategies, and planning for retirement.

SECURE ACT: HOW IT IMPACTS YOUR RETIREMENT

 

The SECURE Act was signed into law at the end of 2019 and is meant to encourage more people to save for the long term. SECURE stands for “Setting Every Community Up for Retirement Enhancement” and expands the options and incentives available to those investing in a retirement plan. Many of these changes are already in effect, so please take note of the highlights listed below and how they affect your saving and distribution options, but also how they significantly alter how IRAs, 401(k)s, and other qualified accounts can be left to your heirs.

Here are some of the major changes that could affect you:

  • Required minimum distributions (RMDs) will now start at age 72 and not at 70½
  • Individuals can now contribute to a traditional IRA after age 70½
  • “Stretch” distribution option is eliminated for many non-spousal IRA accounts
  • New withdrawal option for adoption or birth expenses is introduced

 

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WHAT SHOULD YOU DO WITH YOUR 401(k) PLAN WHILE IN-BETWEEN JOBS?

 

Whether you are changing jobs, have been furloughed, or find yourself laid off and looking for work, you have a variety of options regarding your old 401(k) plan. Each option has some important considerations for you to weigh before deciding what to do. Many of these options are available for 457 or 403(b) plans, too.

Each person’s situation is different so it is critical to carefully review how your choice could impact your savings goal and tax consequences. Speak with a Union Bridge Capital advisor for an unbiased review of your unique situation and gain clarity on your choices.

 

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