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Tag Archives: 401k

Will the Recently Passed Pension Legislation Affect You?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 12, 2023 by Lake Wylie Tax Services StaffJanuary 12, 2023

How will the recently passed pension legislation affect meThe President, on December 29, 2022, signed the Consolidated Appropriations Act, 2023, which is the “omnibus spending bill” Congress needed to pass to avoid a government shutdown. That legislation also included the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, a.k.a. the SECURE 2.0 Act, that can significantly impact and augment your retirement planning strategies. The SECURE 2.0 Act incorporates provisions from proposed legislation that was passed by the House and another bill that was passed by the Senate that had not previously been reconciled.

So What’s in the Legislation That May Affect You?

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Posted in Retirement Planning | Tagged 401k, Retirement, RMD

IRS Unveils Retirement Plans Inflation Adjustments for 2023

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 1, 2022 by Lake Wylie Tax Services StaffNovember 1, 2022

Retirement Plans Inflation Adjustments for 2023The IRS just released the inflation adjusted retirement plans maximum contribution amounts for 2023, and the increases are dramatic. So, this may be the time to start considering funding a retirement plan if you don’t currently have one. If you are already contributing to a tax-favored retirement plan and are looking for ways to increase your annual contribution, these inflation increases will be good news.

Here’s a rundown on the various tax-favored retirement plans available and the inflation adjustments pertaining to each.

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Posted in Retirement Planning | Tagged 401k, IRA, Retirement, Social Security
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