Archives for Legislation

7 Ways SECURE Act 2.0 Could Affect Your Retirement

7 Ways SECURE Act 2.0 Could Affect Your Retirement

February 22, 2023

SECURE Act 2.0 was signed into law at the end of 2022. Here are a few ways it could affect your retirement. After consumers throughout America were forced to endure a harsh financial storm in 2022, the year came to a close with President Biden signing a bill intending to increase and enhance the capabilities of retirement accounts. The bill is commonly referred to as SECURE Act 2.0, and it is the follow up to the Setting Every Community Up for Retirement Enhancement Act of 2019. It is expected to assist retirees and pre-retirees even further in the pursuit of
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5 Highlights of the New Stimulus Package

5 Highlights of the New Stimulus Package

January 25, 2021

What the latest round of funding may mean for you.   The $900 billion Consolidated Appropriations Act of 2021 (2021 CAA) was signed into law by President Trump on December 28th as the COVID-19 pandemic continues to impact employers and employees. The new package resembles March’s $2.2 trillion CARES Act, but will only be $920 billion, with roughly half of that—$429 billion—being paid for with unspent CARES funds.   Here’s a quick recap of five key highlights:   Stimulus Checks   The new law authorized a second round of $600 checks for people with income that meets the criteria. The
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2021 Limits for IRAs, 401(k)s and More

2021 Limits for IRAs, 401(k)s and More

November 19, 2020

Numbers to know for the new year.   On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note.   401(k)s. The salary deferral amount for 401(k)s remains the same at $19,500, while the catch-up amount of $6,500 also remains unchanged. However, the overall limit for these plans will increase from $57,000 to $58,000 in 2021. This limit applies if your employer allows after-tax contributions to your 401(k). It’s an overall cap, including your $19,500 (pretax or Roth in any combination)
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How a Furlough (or Layoff) Affects Your Finances…and Retirement

How a Furlough (or Layoff) Affects Your Finances…and Retirement

May 18, 2020

  Here are six things you need to know if you or a family member has been furloughed—or laid off—from their job   A furlough is an unpaid leave of absence. You don’t report to work, you don’t get paid, and you may lose some of your benefits. Getting fired or laid off is different because it is permanent; whereas, being furloughed means your employer wants you back as soon as things get back to normal, typically at the same position and income level as before the furlough. Here are six things you should know:   Filing for unemployment Whether
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The CARES Act: 10 Things You Should Know

The CARES Act: 10 Things You Should Know

April 16, 2020

The $2 trillion coronavirus economic stimulus bill is the single largest relief legislation in U.S. history, aimed at providing help for individuals and businesses affected by the outbreak. It was signed into law on March 27, 2020. The CARES Act is also known as “Phase III,” because it follows a $104 billion package passed March 18 for workers and families, and a smaller $8 billion bill to increase funding for medical treatments and testing. There is already talk of a fourth and fifth package in development in Congress. Here’s what you should know: Direct Payments to Taxpayers Americans are set
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