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Saving for retirement is a major undertaking for most of us. Health savings accounts (HSA) provide another vehicle to save for retirement. Many of you have the option to enroll in high-deductible insurance plans that allow the use of a health savings account via your employer. High deductible health insurance plans .
Among all the different types of retirementaccount beneficiaries, those who are the surviving spouse of the original account owner receive the most preferential tax treatment when it comes to distributing the account's assets after the owner's death. But the SECURE 2.0
The original SECURE Act, signed into law in December 2019, changed many of the long-standing rules governing IRAs and other retirementaccounts, and no single measure in the legislation had a more seismic impact on planning than the changes to the post-death distribution rules for retirementaccounts.
One of the best tax deductions for a small business owner is funding a retirement plan. Beyond any tax deduction you are saving for your own retirement. You deserve a comfortable retirement. If you don’t plan for your own retirement who will? Two popular small business retirement plans are the SEP-IRA and Solo 401(k).
For example, if taxes were expected to rise in the future, it would be better to contribute to a Roth retirementaccount (which is taxed on the contribution, but not upon withdrawal) than to a traditional pre-tax account (which is tax-deductible today but is taxable on withdrawal). Read More.
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In late 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, introducing several significant changes to retirement planning. This allows the account to grow on a tax-deferred basis, with income to beneficiaries being taxed when distributions are made.
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