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Potential new #401k and #IRA rules? #Taxes #Retirement

By June 7, 2019No Comments

There is recent breaking news on the retirement plan rules front. The House passed a bill that would change some of the rules around 401(k)s and IRAs.

It will do some nice things. The Senate still needs to pass it and the President still needs to sign it. Given how overwhelmingly the House passed it, it seems like there’s a good chance it could become law.

One change is that it would allow people to continue making IRA contributions past 70 1/2, and it would delay the age to take required minimum distributions. It would change that age from 70 1/2 to 72. One downside, perhaps, is that it will allow annuities.

The House plans to pay for it by restricting the Stretch IRA. People will only be able to stretch out an IRA over their lifetime if they are minor children or the spouse of the person who died. There are shorter time frames for other situations.

I’m not sure yet how it’s going to work or what parts of the current bill will become law. I don’t usually comment on breaking news, but these rules are very important part of retirement planning.

My name is Mike Garry, and my company is Yardley Wealth Management. We are a fiduciary, fee-only financial planning, and wealth management firm in Newtown, Pennsylvania. (That’s in Bucks County). Our law firm is Yardley Estate Planning, LLC and is in the same place. We only do Estate Planning work and I am a licensed attorney in Pennsylvania and New Jersey.

If you’d like to talk about this or anything else, please reach out: 267-573-1019, [email protected] or @michaeljgarry

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Michael Garry

Author Michael Garry

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