Perspective: A new law is bringing big changes for retirement savers, especially parents
for retirement and to give relief to people who need to tap those savings.
“The bill includes a number of important reforms to address the country’s retirement crisis,” Senate Finance Committee ranking Democrat Ron Wyden said in a statement. “With Americans delaying retirement and increasingly working part-time, these changes will allow workers to continue to save. While we must do more to ensure financial security for older Americans, passage of this bill is an important step.
If you feel it’s necessary to take a hardship withdrawal, keep in mind that if you’re younger than 59½, there’s a 10 percent early withdrawal penalty. Additionally, non-Roth withdrawals are subject to federal income tax and, in some cases, state income tax. “I think the multiple employer plans are probably going to be the most transformative,” Szapiro said. “It will probably encourage small employers to offer plans when they otherwise wouldn’t or where they otherwise might have offered simple IRAs instead of plans with a match or more opportunities to contribute.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iraq passes electoral reforms but deadlock remainsThe new law changes each of the country's 18 provinces into several electoral districts, with one legislator elected per 100,000 people.
Read more »
I'm a 36-year-old CEO. Here's what I've learned this decade. - Business InsiderI'm a 36-year-old CEO who sold my first startup for $1 billion. Here's what I've learned this past decade. (by justinkan)
Read more »
Is this life-changing Christmas gift from my new in-laws too good to be true?My new in-laws are offering 20 acres of property in a trust and say that a piece can be gifted to us without financial penalty. Is this too good to be true?
Read more »
Where U.S. workers will see minimum wage increases and paid family leave in 2020You could be one of the workers benefiting from expanded paid family leave or overtime pay policies.
Read more »
Iraqi parliament approves new election law, deadlock over PM remainsIraq's parliament approved on Tuesday a new electoral law, a key demand of ...
Read more »
Cardi B Spends Thousands on Toys for Needy KidsCardi B is playing Santa Claus this year -- only she's doing it without the big red hat, reindeer or sleigh -- and will bring smiles to a ton of kid's faces.
Read more »