Our government is at it again. The proposed 2015 budget coming from the White House includes a few modifications to retirement accounts. Most of the proposed changes reared their ugly heads in last year’s initial budget proposal, but all were eventually nixed before becoming law. One new piece of legislation, however, targets Roth IRA accounts and would require those accounts be subjected to the same annual Required Minimum Distribution rules as are traditional (pre-tax) IRA’s.
The likelihood of this proposal being implemented is low, but serves as another good reminder of the uncertainty of basing your personal financial planning projections and strategies on current tax law, which is easily changed. Take advantage of what you know now. Save diligently. Put away as much as you can pre-tax and keep dollars in your pocket – not the IRS’s – for as long as possible. At the same time, stay diversified.
For a look at the other proposed retirement plan changes, visit https://www.theslottreport.com/2014/03/president-obamas-2015-budget-includes.html
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