Taxes and the Cares Act: What Retirement Savers Need to Know
No images? Click here By Brian Hershberg | March 21, 2021 With the initial tax-filing deadline extended to May 17, Barron's Retirement this week continues to look at this peculiar tax year and how to manage it. The Cares Act created a number of rules and provisions to provide financial relief for pandemic-stricken Americans, suspending early-withdrawal penalties from qualified plans like 401(k)s and allowing temporarily tax-fee loans, among other moves. What's more, these new rules came as savers were already adjusting to changes under the retirement-system overhaul known as the Secure Act. The stakes are high, writes reporter Karen Hube:
Readers have questions, and we've been looking for answers. This week's piece includes tips on required minimum distributions, "529" disbursements, and treatment on retirement-plan distributions. For the full story, as well as the full complement of our 2020 tax year coverage, please see: Here Are 3 Ways for Retirees to Trim Costs, Not LifestyleProperty taxes, home improvement, and insurance are among the expenses that can often be pared, advisors say. A successful property-tax appeal could shave off a few hundred bucks Young, Healthy Workers Should Favor HSAs After Any 401(k) Match, Research FindsA new research paper argues that employees who are eligible for health savings accounts should consider parking extra savings there over 401(k)s, after garnering any company match, thanks to their better tax benefits. How a Cash Stash Can Help Retirees Keep Peace of Mind, if Not PortfolioWhile many financial pros say there are better ways for risk-averse investors to manage volatility, proponents say cash-bucketing strategies say can keep savers from bailing out at market lows. Three-Fund Portfolios Can Cut Risk, Taxes, and Costs for Investors. Here's How to Build One.Retirement savers looking for simplicity, and less volatility, should consider the less-is-more strategy. Many in the Bogleheads investor community dig it. 4 Banks and 1 Bank ETF to Bank on for YieldIncome Investing: Comerica, Citizens Financial, and the SPDR S&P Bank exchange-traded fund are among the banking securities that should do well for income investors. Want to Save More? Tap Some Funds Early? Here Are 3 Retirement Savings TricksIndividual retirement accounts and 401(k)s can offer savers the flexibility to withdraw funds penalty-free before age 59½ or bolster savings, among other under-the-radar moves. MEET THE 100 MOST INFLUENTIAL WOMEN IN U.S. FINANCE Barron’s is honoring women across the industry for their leadership, accomplishments, and contributions. The 2021 list includes Sonal Desai, Suzanne Donohoe, Jane Fraser, and more. New profiles will be published weekly—see the full list and read the newest profiles here.
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