Le Lézard
Classified in: Mining industry, Business
Subjects: ECO, AVO

American Bullion Warns Your Retirement Account is Under Attack by House Democrats!


LOS ANGELES, Nov. 6, 2019 /PRNewswire/ -- In May of this year and by a vote of 417-3, the House passed H.R. 1994, the "Setting Every Community Up for Retirement Enhancement" (SECURE) Act of 2019. Though the title may ostensibly give you a warm and fuzzy, upon closer examination you may very well realize that it could reduce the value of all retirement savings plans. One provision in particular allows Congress to kill the stretch IRA, which Democrats want because the end effect is to get more money into government coffers sooner. Currently, a stretch IRA permits savers to leave their retirement accounts to children, grandchildren or other beneficiaries, such that recipients can parcel out required minimum distributions over the beneficiary's actuarial lifetime.

"Piece of Gold, Peace of Mind"

Once signed by the President the SECURE Act will reduce saved amounts that can be passed along, such that the inherited benefits will not be free to grow as they have in the past, because smaller initial amounts will detract from the previously enjoyed power of tax-deferred compounding. SECURE will give non-spouse beneficiaries a maximum of 10 years to pull out all the money in an inherited IRA. The result will be the government getting more taxes and sooner, while beneficiaries will be subjected to higher taxes sooner, as distributions are made in large chunks and typically during a higher taxation period than a beneficiary would normally elect. It's estimated that one third more of an inherited IRA could be consumed by taxes, rather than under current IRS rules.

Just as an example, if a high-earning adult (non-spouse) beneficiary received a $1 million dollar inherited IRA they'd be required to take an annual distribution of $100,000. If they live in a high-tax state, their income plus the distribution could easily result in half of the inherited payout being eaten by taxes. In addition, when the Tax Cuts and Jobs Act expires in 2025, taxes will rise across the board and such inherited funds could be consumed at an even greater rate. All of these factors make physical precious metal ownership an even more important consideration than ever before, due to its stellar track record of long-term appreciation, value storage, and asset protection. American Bullion was a pioneer in precious metal IRA's and continues to assist investors in today's rapidly changing retirement landscape.

For more information, contact info@americanbullion.com.

 

SOURCE American Bullion


These press releases may also interest you

at 19:01
One Young World, the global forum for young leaders, today announces 50 new winners will join the 2021 'Enterprise for Peace' programme, in partnership...

at 18:56
Changhong(Shanghai: 600839), one of the leading home appliance manufacturers in China, signed an agreement with China National Badminton Team at a signing ceremony held in Chengdu, Sichuan Province, on September 16, to become the official sponsor of...

at 18:15
DeFiChain, a blockchain specifically dedicated to decentralized financial applications, has announced their listing on Bitrue. DeFiChain's native coin "DFI" will start trading live today, September 21st. It is DeFiChain's mission to give people...

at 16:16
The Government of Canada will be announcing a major new initiative under the National Housing Strategy. Media are invited to join...

at 13:45
The Fédération des intervenantes en petite enfance du Québec (FIPEQ-CSQ) is offering Minister of Families Mathieu Lacombe to avoid the indefinite general strike that begins on Monday in the family childcare providers if he agrees to entrust the...

at 12:10
When insuring a new car, owners have the unpleasant surprise of finding that the costs are really high. This is why drivers should consider getting quotes before buying a car. The main arguments used by insurance companies are the following: New...



News published on 6 november 2019 at 15:08 and distributed by: