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Rep. Claudia Tenney Advocates for SMART Savings Act to Reduce DOL Oversight on IRAs

Rep. Claudia Tenney Advocates for SMART Savings Act to Reduce DOL Oversight on IRAs

Representative Claudia Tenney, R-N.Y., has introduced companion legislation in the House to the Simplifying Modern Access to Retirement Tools for Savings Act (SMART Savings Act). This bill, initially introduced by Senators John Barrasso, R-WY, and Marsha Blackburn, R-TN, aims to alleviate Department of Labor (DOL) oversight of Individual Retirement Accounts (IRAs). The proposed legislation seeks to remove IRAs from prohibited transaction rules, thereby eliminating duplicative DOL authority over IRAs. It also aims to prevent future regulations that could restrict savers' access to financial advice. The bill preserves a ban on self-dealing, ensuring that IRA owners who misuse account assets for personal benefit lose tax advantages. Additionally, it clarifies that IRA savers can access reduced-cost or enhanced products and services without needing individual DOL exemptions.
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Suze Orman doubles down on Social Security amid new risk

Suze Orman doubles down on Social Security amid new risk

Delaying Social Security benefits until age 70 has long been considered one of the most effective ways to maximize retirement income.  However, updated projections show the program's retirement trust fund could be depleted sooner than expected, raising fresh questions about the strategy for ...
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Inflation Poses Challenges for Retirees' Financial Security

Inflation Poses Challenges for Retirees' Financial Security

Inflation Poses Challenges for Retirees' Financial Security
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Retirement Planning: Managing a $400,000 Windfall at Age 60

Retirement Planning: Managing a $400,000 Windfall at Age 60

Retirement Planning: Managing a $400,000 Windfall at Age 60
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Suze Orman Advises Against Relying on Working Until 65 for Retirement Security

Suze Orman Advises Against Relying on Working Until 65 for Retirement Security

Suze Orman Advises Against Relying on Working Until 65 for Retirement Security
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SEC Seeks Public Comment on Novel Exchange-Traded Funds to Reshape Regulatory Framework

SEC Seeks Public Comment on Novel Exchange-Traded Funds to Reshape Regulatory Framework

SEC Seeks Public Comment on Novel Exchange-Traded Funds to Reshape Regulatory Framework
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Social Security Becomes Primary Retirement Plan for Many Americans Amid Financial Pressures

Social Security Becomes Primary Retirement Plan for Many Americans Amid Financial Pressures

Social Security Becomes Primary Retirement Plan for Many Americans Amid Financial Pressures
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Ted Benna Proposes Radish Plan to Address 401(k) System Limitations

Ted Benna Proposes Radish Plan to Address 401(k) System Limitations

Ted Benna Proposes Radish Plan to Address 401(k) System Limitations
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IRS silently recovers $8 billion as whistleblower claims surge

IRS silently recovers $8 billion as whistleblower claims surge

Someone in your professional circle likely knows where the gaps in your tax reporting are, and tipping off the Internal Revenue Service (IRS) now takes minutes.  The IRS Whistleblower Program has generated more than $8 billion in tax collections since its 2007 inception, and it has paid $1.4 ...
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BlackRock names retirement safety net to beat outliving fear

BlackRock names retirement safety net to beat outliving fear

After decades of saving for retirement, many Americans face a persistent concern: whether their nest egg will last through retirement. Rising living costs, mounting healthcare expenses, and the risk of outliving accumulated savings heighten that uncertainty. Allianz Life's 2026 Annual Retirement ...
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Roth Conversions May Lead to Higher Medicare Premiums Due to IRMAA

Roth Conversions May Lead to Higher Medicare Premiums Due to IRMAA

Medicare costs have increased, with the standard Part B premium rising to $202.90 per month in 2026. This increase is compounded by the potential impact of Roth conversions on Medicare premiums. A Roth conversion involves moving funds from a traditional IRA or 401(k) into a Roth account, which can increase taxable income for the year of conversion. This increase in income can trigger higher income-related monthly adjustment amounts (IRMAA), leading to elevated Medicare premiums. The IRMAA uses a two-year lookback to determine fees, meaning a Roth conversion in 2026 could affect premiums in 2028. IRMAA fees apply when a single tax filer’s modified adjusted gross income exceeds $109,000, or $218,000 for married couples filing jointly.
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Navigating Inherited 401(k) Discrepancies: A Guide for Beneficiaries

Navigating Inherited 401(k) Discrepancies: A Guide for Beneficiaries

Following the death of a loved one, beneficiaries may face challenges in managing inherited 401(k) accounts, especially when expected balances are missing. In a case where a 401(k) account showed only $20,000 instead of a larger expected amount, the plan administrator is the first point of contact for clarification. Legal authority, such as being an executor, is required to access account details. The Department of Labor's Employee Benefits Security Administration can assist if issues arise in obtaining necessary information.