by Leif Jensen | Oct 16, 2023 | Retirement |
Finally, some changes are coming to SIMPLE IRAs, starting in 2024. This change is thanks to SECURE 2.0. The dollar limits on annual employee contributions and catch-ups to SIMPLE IRAs will rise 10% for employers with 25 or fewer workers. A firm with 26 to 100...
by Leif Jensen | Sep 13, 2023 | Retirement |
Thinking of starting up a SIMPLE for 2023? If so time is running out for existing firms to set the plan for 2023. You have a deadline of Oct. 2. Otherwise, contributions can’t be made for 2023. SIMPLEs are plans for small firms; those with 100 or fewer employees in...
by Leif Jensen | Jul 24, 2023 | Retirement, Running a Business |
The deadline to have a retirement plan has either passed or coming due shortly for IL businesses. Employer registration deadlines State law now requires every Illinois employer with five or more employees to offer their own retirement program or facilitate Secure...
by Leif Jensen | Nov 7, 2022 | Retirement |
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments...
by Leif Jensen | Aug 8, 2022 | Investing, Money Management, Retirement |
2021 seemingly was the year of Roth conversions. We had multiple clients joint our regulars who do annual conversions. A Roth conversion needs to go directly from brokerage to brokerage with no income limitations as well as no conversion amount limitations. But all...
by Leif Jensen | Jul 12, 2022 | Retirement |
The dreaded 72-T calculation, who is doing yours? I ask that question, because we picked up a new elderly client this past tax season and she expected me to do the calculation for her. Having been compliance for a group of financial advisors in a past life I know...
