As the SECURE Act 2.0's provisions gradually come into effect, this landmark retirement legislation brings about a series of significant changes in 2024. From adjustments in tax brackets and retirement contribution limits to shifts in estate and gift tax exemptions, we offer a clear overview of the key updates in this article.
The original SECURE Act was signed into law on December 20th, 2019. Its “sequel,” the SECURE 2.0 Act, was similarly enacted at year-end on December 29th, 2022. Both pieces of legislation seek to reform how Americans prepare for retirement while juggling current spending needs. However, SECURE 2.0 has added far more motivational carrots than punishing sticks. Here is our run down.
The “right” answer to this common query remains as elusive as ever. It depends on a wide array of personal variables, how Congress acts, and how the unknowable future plays out. No wonder many families find themselves in a quandary when it comes to taking their Social Security benefits. Let’s take a closer look at how to find the right balance for you.
Recent proposed changes to Social Security Retirement Benefits by Republican Senators may have had you worried, but without a majority in the Senate (not to mention a Democrat still in the White House) there is no chance Social Security and Medicare will be made discretionary expenses and subject to annual budget cuts.
Under the Biden Administration's social security plan, the 12.4% Social Security tax would be collected on earnings up to the regular wage base ($142,800 in 2021) as well as on earnings over $400,000. These additional revenues would be used to expand benefits for specific groups of people. Find out how this might apply to you.
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