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. If you have any questions, reach out to us at Redwood. These limits are listed at http://www.irs.gov. 401(k)s. The salary deferral amount for 401(k)s remains… Read More
I recently wrote a blog about the enhanced RMD wavier that went into effect in June. You can find it here. Long story short, COVID-19 happened, and everything was instantly different. One of the actions that was taken by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act was that certain retirement accounts… Read More
In March, the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law. It was designed to help Americans impacted by the COVID-19 pandemic. The new law offered investors a financial break. One benefit of the CARES Act was it gave people the option to skip required minimum distributions (RMDs) from traditional Individual Retirement Accounts… Read More
Can your IRA be put directly into a trust? In short, no. Individual retirement accounts (IRAs) cannot be put directly into a trust. What you can do, however, is name a trust as the beneficiary of your IRA. The trust would inherit the IRA upon your passing, and your beneficiaries would then have access to… Read More