Business
The Street is reporting there’s a good chance that we’ll see more changes to our retirement laws between now and the end of the year. What are some changes under consideration right now?Over the next decade, the RMD age would gradually be pushed back from age 72 to age 75.The penalty for a missed RMD would be reduced from 50% to 25% (and down to 10% for "timely corrected" missed RMDs).Catch-up contributions for IRAs would become indexed for inflation, with the introduction of an extra catch-up contribution for employer retirement plans for those aged 62-64.Going forward, all catch-up contributions would be required to be made to Roth-style accounts.How does planning for retirement change if these considerations DO make it in to law?