Stretch IRA, status, demise? Did Congress vote?

[wolf]

I understand there is a Post on this topic. RMD to 72. Which has gotten off topic.

It seems Congress House/Senate were all in agreement. Did the bill pass?

I surely hope not. The demise of the "stretch IRA", is a disgrace. WE made
financial decisions based on existing rules!

If Congress gets away with this, Who's to say in a few years, they decide to
put a partial tax on ROTH IRA distributions. ie. based on a persons taxable income, or some other silly rule they come up with.

 

[pjm-7]

Not to enter a political discussion however an IRA is for your "Individual" retirement. The accounts were not meant to be a multi-generational trust fund. Roth accounts are still retirement accounts. There have been previous changes to retirement accounts that grandfathered money under previous rules (403B' s), so I am not concerned about tax changes to them.

You can only plan with the information that you have today. Tax laws will always be changing. Personally, I would not want to go back to some of the onerous estate tax laws and way higher income tax rates.

 

[jim584672]

Looks like it passed the House and is waiting on the Senate now.

 

[kaneohe]

https://www.forbes.com/sites/lawren...rement-reform-plan-is-a-stinker/#746e1bfe5228

 

[foxfirev5]

It's all a moving target. Think about the social security changes over the last 45 years or so. However if you mention it be prepared to be shouted down by some experts here who have a much higher intellect.
In any event be prepared to react and play the game.

 

[Aerides]

There is not yet any date set for a Senate vote. The bill passed the house in late May, but as anyone who has heard Schoolhouse Rock knows, that doesn't mean a whole lot just yet.

Follow the news, write your Senator, etc.

 

[rk911]

...Who's to say in a few years, they decide to put a partial tax on ROTH IRA distributions. ie. based on a persons taxable income, or some other silly rule they come up with.

maybe a wealth tax! hmmm ? heck, they can do that tomorrow, next week, next year. all ya can do is try not to get whiplash trying to keep up with the changes.