Retirement Savers Benefit From Changes to 401(k)s
duda • April 5, 2020
U.S. News & World Report – March 13, 2020
This article discusses the SECURE ACT. In it, David Schneider explains that the SECURE ACT “is considered the biggest set of changes to retirement legislation in more than 10 years.”
He cautions that new rules requiring death distributions to be taken over 10 years or less, can have huge tax consequences for people who inherit retirement accounts, stating “When most people inherit money, they are probably in their peak earning years – in their 40s or 50s.” He adds “If they inherited an IRA in peak earning years and are forced to take large distributions when their tax bracket is already high, they can be bumped into an even higher bracket.”
Read More: U.S. News & World Report – March 13, 2020
More Publications
MarketWatch.com - December 30, 2023 This MarketWatch article discusses planning strategies for people approaching retirement. In the article, David Schneider states, “Make sure you have a plan. If you don’t do the planning, you really won’t have a successful retirement,” adding, “Your 50s are a really important time to be very serious,” and to “Hunker down and get serious. Every investment needs to be prudent and diversified. Increase any savings, if possible. Make catch-up contributions, if possible.” Read More: Marketwatch.com
Fortune- July 31, 2023 This article discusses the pros and cons of owning bank CDs in an IRA. In the article, David Schneider points out that “In order to get the best yields, you’re going to have to shop around and find the banks offering the most attractive rates at the time you’re funding the IRA,” and adds, “That could mean opening lots of small accounts at different institutions based on what was attractive at the time, which can be a nightmare to manage as the CDs mature.” He also mentions “If you compare a CD with a maturity of five years or less to a corporate bond of the same maturity, you’re usually going to get a better yield with a CD.” He also notes that “In general, by laddering and taking your maturing dollars and putting them in a longer-term CD, you’ll end up averaging the higher rates from longer-term CDs,” says Schneider. Read More: Fortune.com
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