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This tax savings strategy for massive IRAs could be on the way out

Source: https://cnbc.com/2019/06/06/this-tax-savings-strategy-for-massive-iras-could-be-on-the-way-out.html - Jun 18, 2019

Legislation that will help workers save for retirement could also have a chilling effect on a strategy to pass individual retirement accounts on to heirs.

The bill, known as the Secure Act, sailed through the House on May 23. Legislators on both sides of the aisle voted in favor, 417 to 3.

This legislation makes it easier for small employers to pool together resources to sponsor 401(k) plans and repeals the maximum age of 70½ for contributions to traditional IRAs.

However, those enhancements come at a cost.

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Category: General Business