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All News > Retirement Plan Information for Employees

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IRS Employee Plans News: Required Minimum Distributions (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Guidance Overview]
Dec. 29, 2023

"Required Minimum Distributions (RMDs) are minimum amounts you must withdraw from your IRA or retirement plan account when you reach age 72. Beginning in 2023, the SECURE 2.0 Act changed the age RMDs must begin to age 73 for taxpayers that are born after 1950." [Also see IRS Employee Plans News: Required Minimum Distributions -- Beneficiaries]

Tags: Required Minimum Distributions (RMDs)  •  Retirement Plan Administration  •  Retirement Plan Information for Employees

Retirement Calculator from AARP
AARP Link to more items from this source
Dec. 27, 2023

"The AARP Retirement Calculator can provide you with a personalized snapshot of what your financial future might look like. Simply answer a few questions about your household status, salary and retirement savings, such as an IRA or 401(k).... The tool will help you determine the amount of money you'll need to retire when -- and how -- you want."

Tags: 401(k) Plans  •  Retirement Plan Design  •  Retirement Plan Information for Employees

Quantifying the 401(k) vs. Student Loan Repayment Decision
The White Coat Investor Link to more items from this source
Dec. 26, 2023

"While there is obviously a great benefit to paying off a 20% credit card and borrowing at 1% while investing at 8% is essentially a no-brainer, it just doesn't matter all that much when you're talking about moderate interest rates.... The best option is probably to live like a resident until your student loans are gone so you can both max out your 401(k) AND pay off your student loans."

Tags: Retirement Plan Information for Employees

Draft of IRS Form 8915-F: Qualified Disaster Retirement Plan Distributions and Repayment (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Dec. 14, 2023

Rev. Jan. 2024. "Use Form 8915-F for 2021 and later disasters. Also, use it after 2020 instead of Form 8915-E, for coronavirus-related and other 2020 disasters."

Tags: Retirement Plan Administration  •  Retirement Plan Information for Employees

Preserving HSA Eligibility and Maximizing Contributions After 65
Nerd's Eye View Link to more items from this source
Dec. 13, 2023

"[W]hile it's possible to contribute to an HSA after age 65, the specific rules around HSAs and Medicare introduce an additional layer of planning that's needed once an individual crosses the age-65 threshold."

Tags: HSAs  •  Health Plan Information for Employees  •  Retirement Plan Information for Employees

Draft of IRS Publication 721: Tax Guide to U.S. Civil Service Retirement Benefits, for Use in Preparing 2023 Returns (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Dec. 12, 2023

35 pages, Dec. 11, 2023. "What's New: [1] Qualified disaster distributions.... [2] Distributions to terminally ill individuals.... [3] Increase in age for mandatory distributions.... [4] Expanded exception to the tax on early distributions from a governmental plan (including both govern mental defined benefit and governmental defined contribution plans) for qualified public safety employees."

Tags: Federal Government Plans  •  Retirement Plan Administration  •  Retirement Plan Information for Employees

Text of 2023 Instructions for IRS Form 8915-D: Qualified 2019 Disaster Retirement Plan Distributions and Repayments (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Dec. 11, 2023

"What's New: The repayment period for a qualified 2019 disaster distribution ends 3 years and 1 day after the distribution was received.... Repayments reported on 2023 Form 8915-D can be used to reduce the income reportable on your 2020, 2021, 2022, or 2023 tax return, as applicable ... Roth SEP and Roth SIMPLE IRAs have been added to the list of eligible retirement plans as of January 1, 2023." [Also available: 2023 Form 8915-D]

Tags: Retirement Plan Administration  •  Retirement Plan Information for Employees

Text of Draft 2023 Instructions for IRS Form 5329: Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 29, 2023

10 pages; Nov. 28, 2023. "Beginning on December 29, 2022, the 10% additional tax on early distributions will not apply to a corrective IRA distribution.... The additional tax on early distributions doesn't apply to qualified disaster distributions nor does it apply to qualified disaster recovery distribution." [Also available: Draft 2023 Form 5321 (Dec. 21, 2023)]

Tags: Misc. Distribution Issues  •  Retirement Plan Information for Employees

Addressing the Unique Retirement Planning Needs of Women
Safe Money Lady Link to more items from this source
Nov. 27, 2023

"Women, in particular, face distinct challenges in retirement planning  ... Factors such as longer life expectancy, career interruptions, and the gender pay gap contribute to these challenges. This article explores the specific retirement planning needs of women and offers insights into how they can navigate these challenges to achieve financial security in their later years."

Tags: Retirement Plan Design  •  Retirement Plan Information for Employees

Can You Safely Spend More Early in Retirement?
Morningstar Link to more items from this source
Nov. 22, 2023

"Spending aggressively can make sense for older retirees who have relatively short life expectancies, but it is not appropriate for those in their 60s.... Perhaps, though, one could apply the strategy flexibly. That is, rather than automatically withdrawing the same inflation-adjusted amount ... adjust spending according to the stock market's results. If equities perform well, stay on track. If they do not, pull back."

Tags: Misc. Distribution Issues  •  Retirement Plan Design  •  Retirement Plan Information for Employees

Making Retirement Portfolios Last by Managing a Key Risk
ThinkAdvisor Link to more items from this source
Nov. 21, 2023

"Returns in the first retirement decade matter more than in the first year alone ... An initial 10-year period with bad returns can dig a deep hole ... A good opening sequence should result in excess returns ... even if there's a crash after 30 years."

Tags: Retirement Plan Information for Employees  •  Retirement Plan Investments

Confidently Boost Your Spending in Retirement with the Actuarial Approach
Ken Steiner, FSA Retired Link to more items from this source
Nov. 14, 2023

"[T]he Actuarial Approach is superior to Monte Carlo modeling for encouraging spending-hesitant households to increase spending is its ability to: distinguish between recurring vs. non-recurring expenses, anticipate reductions in expenses after the first death within the couple, and to assume lower than inflationary rates of increases in future discretionary spending."

Tags: Misc. Distribution Issues  •  Retirement Plan Design  •  Retirement Plan Information for Employees

Good News on Safe Withdrawal Rates
Morningstar Link to more items from this source
Nov. 13, 2023

"[The authors estimate that] retirees drawing down income from an investment portfolio can now afford to withdraw as much as 4.0% as an initial spending rate ... That figure is the highest safe withdrawal percentage since Morningstar began creating this research in 2021. (The highest starting safe withdrawal rate based on similar assumptions was 3.3% in 2021 and 3.8% in 2022.)"

Tags: Misc. Distribution Issues  •  Retirement Plan Design  •  Retirement Plan Information for Employees

Bucketing by Expense Type with the Actuarial Approach
Ken Steiner, FSA Retired Link to more items from this source
Nov. 8, 2023

"The Actuarial Approach ... is a dynamic, two-bucket approach that requires the household to distinguish between expenses that they consider to be either essential or discretionary. Matching the present value of future essential expenses with the present value of low-risk, or lifetime guaranteed assets is part of the Actuarial Approach's recommended Liability-Driven Investment (LDI) strategy."

Tags: Misc. Distribution Issues  •  Retirement Plan Information for Employees

Draft of IRS Form 8915-F: Qualified Disaster Retirement Plan Distributions and Repayment (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 6, 2023

Rev. Nov. 2023. "Use Form 8915-F for 2021 and later disasters. Also, use it after 2020 instead of Form 8915-E, for coronavirus-related and other 2020 disasters."

Tags: Retirement Plan Administration  •  Retirement Plan Information for Employees

Text of 2023 IRS Form 8880: Credit for Qualified Retirement Savings Contributions (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 3, 2023

"Use Form 8880 to figure the amount, if any, of your retirement savings contributions credit (also known as the saver's credit). The maximum amount of the credit is $1,000 ($2,000 if married filing jointly)."

Tags: 401(k) Plans  •  Retirement Plan Information for Employees

Draft of 2023 Instructions for IRS Form 8915-D: Qualified 2019 Disaster Retirement Plan Distributions and Repayments (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Oct. 27, 2023

"What's New: The repayment period for a qualified 2019 disaster distribution ends 3 years and 1 day after the distribution was received. This is particularly important if your qualified 2019 disaster distribution was received in 2020. Repayments reported on 2023 Form 8915-D can be used to reduce the income reportable on your 2020, 2021, 2022, or 2023 tax return, as applicable; if you have already filed your tax return for the year in question, you will need to amend that return.... Roth SEP and Roth SIMPLE IRAs have been added to the list of eligible retirement plans as of January 1, 2023."

Tags: Retirement Plan Administration  •  Retirement Plan Information for Employees

Pensions Are Disappearing, But This May Be the Next Best Thing
Motley Fool Link to more items from this source
Oct. 26, 2023

"Since regular, reliable income is so desirable in retirement, those without pensions might want to consider annuities. With an annuity, you typically fork over a hefty lump sum (or a series of premiums) to an insurance company, and in exchange, it provides income to you.... Here are some of the main kinds of annuities you'll likely run across:"

Tags: Retirement Plan Design  •  Retirement Plan Information for Employees  •  Retirement Plan Investments

Understanding 401(k) Expense Ratios and Why They Matter
Guideline Link to more items from this source
Oct. 13, 2023

"[The authors] break down what you need to know to better understand expense ratios, including: [1] How expense ratios work; [2] How expense ratios can impact your investment decision; [3] What a reasonable expense ratio looks like; [4] What a good expense ratio is for a 401(k)."

Tags: 401(k) Plans  •  Retirement Plan Information for Employees  •  Retirement Plan Investment Costs

Many Couples Do Not Coordinate 401(k) Matches
Center for Retirement Research at Boston College Link to more items from this source
Oct. 12, 2023

"[A]ccording to a new study, one in four couples do not prioritize the more generous employer's 401(k) matching funds. This lack of coordination may have a cost: the average couple who leaves match money on the table could give up nearly $700 in a year. That may not sound like a lot but the researchers estimate it is 13 percent of the average annual contributions. And if a couple does not reallocate their contributions, years of foregone matches, along with the potential loss of investment income, could add up."

Tags: 401(k) Plans  •  Retirement Plan Administration  •  Retirement Plan Design  •  Retirement Plan Information for Employees

Aspire: A Non-Advisor 403(b) Option
403bwise Link to more items from this source
[Opinion]
Oct. 10, 2023

"403(b) plan participants have access to their own financial supermarket.... Aspire Financial Services ... provides access to more than 10,000 mutual funds from over 500 fund families ... Many 403(b) participants do not know that Aspire exists because it does not employ salespeople to pitch its products in faculty lunchrooms. This post explores various aspects of Aspire as a 403(b) plan investment provider including its use as a 'back door' to low-expense investments ... It also summarizes a comparison of 403(b) plan expenses and performance as well as three 'need to know' facts and six take-away action steps."

Tags: 403(b) Plans and Annuities  •  Retirement Plan Information for Employees

How Long Will Your Money Last in Retirement?
U.S. News & World Report Link to more items from this source
Oct. 4, 2023

"This retirement readiness calculator is intended to provide a rough idea of how long your retirement savings and income will last. The estimate is based on your inputs and ... assumptions [including] an average inflation rate of 4%, a tax rate of 24% on income and the presumption that retirement withdrawals will be taxable events."

Tags: Retirement Plan Design  •  Retirement Plan Information for Employees

A 10-Year Checklist for Retirement Planning
Kiplinger Link to more items from this source
Oct. 2, 2023

"If you're on the back end of your fifties today, you're in the final stretch of the rat race.... [N]avigating this stretch is easier said than done as you juggle work, saving, investing and helping the kids leave the nest. If you're unsure where to begin, here's a 10-year, year-by-year checklist suggesting when to handle different parts of your financial plan as you approach the retirement finish line."

Tags: Retirement Plan Design  •  Retirement Plan Information for Employees

Is Now a Good Time to Buy That Single Premium Immediate Life Annuity?
Ken Steiner, FSA Retired Link to more items from this source
Sept. 18, 2023

"[The authors] examine the implied interest rate assumptions built into quotes from ImmediateAnnuities.com as of September 17, 2023 and compare the quotes and the implied interest rates with the results of the similar exercise ...[in January]. [They] also discuss a few other considerations that may affect your decision to buy a SPIA at this time."

Tags: Retirement Plan Design  •  Retirement Plan Information for Employees  •  Retirement Plan Investments

Saving for Retirement Along with Concurrent Financial Goals
403bwise Link to more items from this source
Sept. 12, 2023

"This post explores financial goal-setting including the benefits of having goals, SMART goals, sequential and concurrent goal-setting, the cost of delayed savings for financial goals, and how to save for multiple goals. It also summarizes research about financial decision-making and the value of goals-based financial planning, as well as three 'need to know' facts and six take-away action steps."

Tags: 401(k) Plans  •  403(b) Plans and Annuities  •  Retirement Plan Information for Employees

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