HEADLINE: The IRS has postponed for 2024 required minimum distributions (“RMDs”) for non-spouse beneficiaries of inherited IRAs. Details here. DETAIL: In legislation passed by Congress in 2019 non-spouse beneficiaries of IRAs would need to zero out accounts within 10 years. It was interpreted to mean that no distributions could be taken for the first nine [...]
On Friday the Internal Revenue Service announced it would continue to delay enforcing relatively new rules for inherited retirement accounts. The result of the delay is that some accountholders will be able to forgo taking a distribution for 2023. Prior to 2019 people who inherited retirement accounts could “stretch” distributions over their lifetimes. In 2019 [...]
Oil is up. Everything else is down. I need to do something. What do I do? Here is a good place to start.
Last night the Spender in Chief a.k.a. Healer Joe (we are healed now, right?) laid out in broad strokes an agenda to spend $1.8 trillion on what he’s calling the American Families Plan. He wrapped it in terms that sound soothing – “making care affordable, free education, universal pre-school” and “investing in the care workforce.” [...]
The days of thoughtfulness are gone. Brevity is the new wisdom. Today if something can’t be expressed in less than 280 characters it isn’t worthwhile. We’re barely done with the first paragraph of this post and some of you are already itching to click off and go elsewhere. Impatience is everywhere. We don’t read prospectuses. [...]
President Obama (The Orator in Chief) never turned down an opportunity to stand in front of a microphone. He was fond of demonizing evil millionaires and billionaires from behind a podium. He seemed to believe that rather than building businesses and creating jobs these people sat home twirling their evil mustaches and conjuring ways to [...]
From 10/26/20 - 11/13/20 the FINRA Investor Education Foundation surveyed about 1,300 households. the typical new investment account was opened by individuals age 45 and younger the top reasons for investing include saving for old age (~17%) and the ability to start with smaller sums of money (~16%) the least popular reasons for investing include [...]
Concerned about stock market performance if Joe Biden wins the White House and the Democrats take a majority in the House and Senate? History suggests maybe you shouldn’t be. Dating back to 1951 there have been eighteen years in which the Democrats controlled the legislative branch. in fifteen of those eighteen years (83.3% of the [...]
Notice 2020-79 issued yesterday by the IRS covers the inflation adjustments for items such as 401(k) contribution limits, deductible IRAs, the saver’s credit, etc. Full details are available here.
The income side of fiscal policy (i.e. taxation) is always highly politicized. The song never seems to change. Republicans think everyone pays too much. Democrats think everyone pays too little. An oversimplification? Maybe. Nonetheless a basic understanding of the proposals independent of the emotionally-charged rhetoric can go a long way towards achieving Thomas Jefferson’s view [...]