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New Retirement Contribution Limits for 2023
The Internal Revenue Service has released new retirement contribution limits for the coming year.
After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached near-record levels. This include changes to IRA, Roth IRA, Workplace and SIMPLE Retirement Accounts, and other changes.
2021 Limits for IRAs, 401(k)s and More
Numbers to know for the new year.
On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note.
The SECURE Act
Long-established retirement account rules change.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is now law. With it, comes some of the biggest changes to retirement savings law in recent years. While the new rules don’t appear to amount to a massive upheaval, the SECURE Act will require a change in strategy for many Americans. For others, it may reveal new opportunities.
Can You Put Your IRA into a Trust?
What you should know about naming an IRA beneficiary.
Can your IRA be put directly into a trust? In short, no. Individual retirement accounts (IRAs) cannot be put directly into a trust. What you can do, however, is name a trust as the beneficiary of your IRA.
New IRS Contribution Limits for 2020
Changes for 2020.
The I.R.S. just increased the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at the changes.