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Major Changes For Anyone With A Job (401K Explained)


Explaining the major changes to the 401k starting in 2023: ► Try Rocket Money For Free: ► Up to 15 Free stocks via moomoo (T&C Apply) - ► Get $100 Bitcoin for retirement: ► How I went from Zero To A Million: ► My Stock Portfolio + Stock Tracker: ► Get 2 FREE stocks valued up to $1850 (when you deposit $100): ► ROBINHOOD (Get 1 Stock When You Sign Up): ► Open A Roth IRA: ► Follow Me On Instagram: ► How I Protect My Bitcoin: My PO Box: Andrei Jikh 4132 S. Rainbow Blvd # 270 Las Vegas, NV 89103 SOURCES: irs.gov/pub/irs-drop/n-22-55.pdf *None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future....(read more)


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If you have a job, there are some major changes you need to know about, particularly with your 401k plan. The 401k plan is a retirement savings account that is predominantly offered by employers to their employees. With the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, there have been several important changes that all workers need to understand. Increase in Age Limit for Contributions The SECURE Act has increased the age limit for individuals who can make contributions to their 401k plans. Previously, individuals aged 70 ½ and above were barred from contributing to their plans. However, with the SECURE Act, anyone at any age can now contribute to their 401k plans, as long as they are still employed. Higher Cap Limit for Auto Enrollment Auto-enrollment is a feature in which employees are automatically enrolled in their company's 401k plan. The new law permits employers to increase the cap limit for auto-enrollment from 10% to 15%. This means that employees can automatically save up to 15% of their salaries in their 401k plans. Changes to Inherited IRA Rules Inherited IRAs are retirement plans inherited by beneficiaries after the death of the original owner. The SECURE Act has eliminated the stretch IRA provision, which permits beneficiaries to stretch out the payout of inherited IRAs over their lifetimes. Beneficiaries must now withdraw the full balance of an inherited IRA within ten years of the original owner's death. This implies that beneficiaries may face increased taxes and higher tax brackets due to this change. Introduction of Annuities The new law permits employers to offer annuities as part of their 401k plans. Annuities are insurance products designed to provide income for life. An annuity can be a way to reduce the retirement risk if you have concerns about running out of money during retirement. Summary The SECURE Act has brought several changes, some of which provide more flexibility and accessibility, while others may require a shift in the way people plan and save for retirement. It's important to speak with your financial advisor to ensure you have a knowledge of these changes and how they might impact you. https://inflationprotection.org/major-changes-for-anyone-with-a-job-401k-explained/?feed_id=77344&_unique_id=640d175c17c91 #Inflation #Retirement #GoldIRA #Wealth #Investing #andreijikh #bestinvestment #beststocktradingapp #besttradingapp #Bitcoin #bitcoincrash #creditscore #crypto #cryptocrash #Cryptocurrency #dividendinvesting #dividendstocks #dividends #dogecoin #ethereum #howtobuybitcoin #howtoinvest #howtoinvestinrealestate #howtoinvestinstocks #investing #investingforbeginners #marketcrash #million #millionaire #NFT #passiveincome #Portfolio #recession #robinhood #robinhoodapp #stockmarket #stockmarketcrash #Stocks #401k #andreijikh #bestinvestment #beststocktradingapp #besttradingapp #Bitcoin #bitcoincrash #creditscore #crypto #cryptocrash #Cryptocurrency #dividendinvesting #dividendstocks #dividends #dogecoin #ethereum #howtobuybitcoin #howtoinvest #howtoinvestinrealestate #howtoinvestinstocks #investing #investingforbeginners #marketcrash #million #millionaire #NFT #passiveincome #Portfolio #recession #robinhood #robinhoodapp #stockmarket #stockmarketcrash #Stocks
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