New IRS fact sheet: Disaster relief impacts to retirement plans and IRAs
The IRS released a new Fact Sheet on the impact of SECURE 2.0 provision that provides ongoing disaster relief for certain loans and distributions in federally declared major disasters. Before SECURE 2.0, there was no disaster relief that allowed these loans and distributions for all major disasters.
The FAQs help individuals, employers, retirement plan and Individual Retirement Arrangement service providers with general tax information and details about:
Taxation and reporting of qualified disaster recovery distributions
Repayment of qualified distributions taken for the purpose of purchasing or constructing a principal residence in a qualified disaster area
Generation X has been the alpha tester for the 401(k) retirement system, and the gloomy results are rolling in.
Nearly half of Gen Xers say their retirement savings are behind schedule.
"Many Gen Xers got a late start transitioning to 401(k) plans and struggled to catch up," Chris Ceder, a senior retirement strategist with Goldman Sachs Asset Management, told Yahoo Finance.
That’s significant as the oldest in this cohort will turn 60 next year.
Australia’s Superannuation Guarantee requires companies to contribute the equivalent of 11% of an employee’s monthly pay to an investment account that is controlled by the worker, who can also put in additional money. > (continued)