Changes to RMD

[Tekward]

A nice summary of the House Bill which has a promising rod to approval:

https://www.wsj.com/articles/house-o...d=hp_lead_pos3

The House bill, passed by an overwhelming House majority and expected to be taken up by the Senate before it heads to President Trump’s desk, would encourage 401(k)-type plans to offer annuities, a type of insurance contract that guarantees a monthly income stream as long as a retiree lives. It also would repeal the age cap for contributing to traditional individual retirement accounts, currently 70½, and would increase the age at which savers must start taking withdrawals from 401(k)s and IRAs to 72 from 70½. Additional features benefit part-time workers, parents, home-care workers and employees at small businesses.

[FIREchief]

And additional additional features screw the folks who have played by the rules and partnered with the Government for decades to increase their savings (which is supposedly the long term goal). It's the end of the stretch. Bait and switch. Betrayal of trust. Many other things that aren't suitable for forum posting.

[MacsNMore]

Both links are behind WSJ paywalls.

[Helena]

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Ongoing discussion: http://www.early-retirement.org/foru...2-a-97142.html

The Senate version of the bill delays the change in RMD age to begin in year 2023. Hopefully THAT DELAY will not pass !

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[FIREchief]

Quote:

Originally Posted by Helena . Ongoing discussion: http://www.early-retirement.org/foru...2-a-97142.html The Senate version of the bill delays the change in RMD age to begin in year 2023. Hopefully THAT DELAY will not pass ! .

We've seen reports that the Senate is planning to vote on the House passed bill as is (without conference committee changes). Not sure it they are accurate....

My guess is that they are, as the majority party in the Senate likely doesn't want to risk "losing" the gain of take backs from the "rich" who have large tIRA balances.

[Helena]

Quote:

Originally Posted by FIREchief We've seen reports that the Senate is planning to vote on the House passed bill as is (without conference committee changes). Not sure it they are accurate.... My guess is that they are, as the majority party in the Senate likely doesn't want to risk "losing" the gain of take backs from the "rich" who have large tIRA balances.

Thank you. I saw that mentioned too. One news article said the Senate will not be in session at all next week. So unless they vote to approve the House version today [Friday], they will wait until June 3 or after to do whatever they plan to do.

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[Helena]

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Here's a quote from AP news:

" There is a similar Senate bill, known as the Retirement Enhancement and Savings Act, but the Secure Act has many of the same provisions. But even the backers of the Senate bill spoke out in favor of the Secure act Thursday, suggesting its passage is likely. The bill would then head to the president. "

https://www.sunherald.com/news/busin...230783684.html
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[MichaelB]

There’s an open and current thread on this, to avoid confusion let’s continue the discussion there http://www.early-retirement.org/foru...2-a-97142.html