Would you please clarify the RMD provisions? If someone is born after 1/1/58 are they not required to take RMDs until 2033? This is the way I read the bill, but I have read other interpretations. As always your expertise is greatly appreciated.
I figured! No worries. I haven't had time to examine the detail on the new RMD rules, and I have the impression that tax experts are still sorting through it. Here's a good article at Kiplinger's describing the changes, also a post by Jamie Hopkins that has some interesting detail. My recommendation would be to consult a tax professional on this, as this can get quite complicated!
The average person would be better off if government spent less on pork. You would think that with all the pork the price of bacon would go down.
Want to improve people's retirement? Bring back defined (funded) benefit plans. The change from defined benefit to defined contribution damaged beyond belief the retirement of the most people. Only those with well funded defined benefit plans, social security/railroad and 401k plans will enjoy retirement.
We need a new ERISA 2.0, not Secure 2.0.
How about if the government really took some bold revenue busting steps and allowed all 401k balances to convert to Roth free of taxes? Crazy? Maybe but so isn't so isn't waving liabilities for loans taken with free acts of volition.
Mike, I agree with you on defined benefit pensions. It's difficult to overstate how damaging that has been in the private sector, although DB pensions are still dominant in the public sector. As regular readers know, I'm an advocate of expanding Social Security, our remaining public pension system. I'll be writing more about that in the weeks ahead with the release of the new book. More here: https://www.wealthmanagement.com/retirement-planning/rebooting-retirement-mark-miller-his-new-book
Hey Phil,
Would you please clarify the RMD provisions? If someone is born after 1/1/58 are they not required to take RMDs until 2033? This is the way I read the bill, but I have read other interpretations. As always your expertise is greatly appreciated.
Sorry Mark, I was switching between your’s and Phil’s articles. Both of your expertise is appreciated
I figured! No worries. I haven't had time to examine the detail on the new RMD rules, and I have the impression that tax experts are still sorting through it. Here's a good article at Kiplinger's describing the changes, also a post by Jamie Hopkins that has some interesting detail. My recommendation would be to consult a tax professional on this, as this can get quite complicated!
https://www.kiplinger.com/retirement/new-rmd-rules
https://www.forbes.com/sites/jamiehopkins/2022/12/22/5-rmd-changes-looming-with-likely-passage-of-secure-20-act/?sh=6f4be7ff66e9
This legislation amounts to a hill of beans.
The average person would be better off if government spent less on pork. You would think that with all the pork the price of bacon would go down.
Want to improve people's retirement? Bring back defined (funded) benefit plans. The change from defined benefit to defined contribution damaged beyond belief the retirement of the most people. Only those with well funded defined benefit plans, social security/railroad and 401k plans will enjoy retirement.
We need a new ERISA 2.0, not Secure 2.0.
How about if the government really took some bold revenue busting steps and allowed all 401k balances to convert to Roth free of taxes? Crazy? Maybe but so isn't so isn't waving liabilities for loans taken with free acts of volition.
Mike, I agree with you on defined benefit pensions. It's difficult to overstate how damaging that has been in the private sector, although DB pensions are still dominant in the public sector. As regular readers know, I'm an advocate of expanding Social Security, our remaining public pension system. I'll be writing more about that in the weeks ahead with the release of the new book. More here: https://www.wealthmanagement.com/retirement-planning/rebooting-retirement-mark-miller-his-new-book
Thanks Mark, pre-ordered your book on my Kindle.
Good Luck.